Mr. Eden Wong

Eden Wong and Chetan Bhagat join the firm.
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Effective immediately, Eden Wong and Chetan Bhagat will move to the firm and both report to Damien Wood, head of CSFB's Asia credit research team.
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Wong will focus his attentions on the Asian telecoms and Hong Kong corporate sectors.A highly respected credit research analyst, Wong joins CSFB from ING.He will work out of Hong Kong in his new position.

CSFB, Eden Wong, (852) 2101 6455, eden.wong@csfb.com

Eden Wong, telecom credit analyst at ING Financial Markets in Hong Kong, said, "The company will continue to spend more on 3G, leading to a deterioration of its financial profile, which will lead to a downgrade."

One of the main reason is that Hutchison's gamble on 3G remains a looming presence for investors worried that the untried 3G business could flop.

Hutchison Whampoa announced a US$4.2 billion saving on 3G equipment cost last week but with US$16.7 billion planned for its 3G networks, it is a mere dent in costs if the technology doesn't get the subscribers it needs, analysts said.

Hutchison reported that it has signed up 50,000 customers in Italy and 10,000 in the UK during the first month of operation, Hutchison will have a long way to go before it reaches the intended target of one million users by the end of the year.The operator started accepting orders at the beginning of March through the web and retail channels and is now starting to deliver handsets to users.

ING credit analyst Eden Wong said the main benefit to bondholders from the India business would be Hutchison's potential one-off cash gain from a spin-off.

"It wouldn't (have) a major impact on the company's overall cash flows," he said.

"If they can raise some funds from this exercise, at least in the short-term, they can offset part of the operating losses in 3G," said Eden Wong, credit analyst at ING Financial Markets.

"If they can raise some funds from this exercise, at least in the short-term, they can offset part of the operating losses in 3G," said Eden Wong, credit analyst at ING Financial Markets.

ING Barings' Director of Fixed Income Research, Eden Wong, said that: "A recent surge in new supply of Asian high-grade bonds, as well as many local investors' painful experience with investments in PCCW shares, could affect demand for this Hong Kong high-grade debt issue".

There is also expected to be more debt issuance from corporates in Singapore, Korea, Malaysia and the Philippines in 2H01, which could result in a larger yield premium for new debt issuance.Concerns over the rise in supply could also impact sentiment towards the bonds.

ING Barings believes PCCW-HKT's standalone credit profile is solidly in the 'BBB' rating range.

However, due to generally cautious investor sentiment towards the PCCW group, investors are likely to demand a substantial yield premium on PCCW-HKT's bonds over its rating benchmarks.
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Mr Wong believes that the company's 10-year bond issue will represent value to investors only at 320 basis points over US Treasuries, as the pricing offers relative value to regional telecom debt issues.At this price it would also be the cheapest among Hong Kong high-grade US dollar bonds.

ING Barings said that given that PCCW-HKT is the main source of stable cash flow for its parent, the PCCW group, there is additional risk that PCCW-HKT may be asked to channel funds to its parent for debt servicing and other investments.But this should still not have a major impact on the company's debt servicing ability as creditors will have access to the company's cash flow before the parent company, or the parent company's creditors. .

Contact:
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Eden Wong Director, Fixed Income Research +852 2913 8121

Note for Editors: ING Barings is the organisation and trade name used by ING Bank N.V. and certain of its subsidiaries for the conduct of activities in the field of international corporate and investment banking, including treasury services, M&A, corporate and sovereign lending, fixed income and equity origination, trading, sales and research.ING Bank N.V. is part of ING Group, one of the largest financial groups in Europe.ING Barings is regulated by the SFA for the conduct of investment business in the UK.

ING Barings' Director of Fixed Income Research, Eden Wong, said that: "A recent surge in new supply of Asian high-grade bonds, as well as many local investors' painful experience with investments in PCCW shares, could affect demand for this Hong Kong high-grade debt issue".

There is also expected to be more debt issuance from corporates in Singapore, Korea, Malaysia and the Philippines in 2H01, which could result in a larger yield premium for new debt issuance.Concerns over the rise in supply could also impact sentiment towards the bonds.

ING Barings believes PCCW-HKT's standalone credit profile is solidly in the 'BBB' rating range.

However, due to generally cautious investor sentiment towards the PCCW group, investors are likely to demand a substantial yield premium on PCCW-HKT's bonds over its rating benchmarks.
...
Mr Wong believes that the company's 10-year bond issue will represent value to investors only at 320 basis points over US Treasuries, as the pricing offers relative value to regional telecom debt issues.At this price it would also be the cheapest among Hong Kong high-grade US dollar bonds.

ING Barings said that given that PCCW-HKT is the main source of stable cash flow for its parent, the PCCW group, there is additional risk that PCCW-HKT may be asked to channel funds to its parent for debt servicing and other investments.But this should still not have a major impact on the company's debt servicing ability as creditors will have access to the company's cash flow before the parent company, or the parent company's creditors. .

Contact:
...
Eden Wong Director, Fixed Income Research +852 2913 8121

Note for Editors: ING Barings is the organisation and trade name used by ING Bank N.V. and certain of its subsidiaries for the conduct of activities in the field of international corporate and investment banking, including treasury services, M&A, corporate and sovereign lending, fixed income and equity origination, trading, sales and research.ING Bank N.V. is part of ING Group, one of the largest financial groups in Europe.ING Barings is regulated by the SFA for the conduct of investment business in the UK.

ING Barings' Director of Fixed Income Research, Eden Wong, said that: "A recent surge in new supply of Asian high-grade bonds, as well as many local investors' painful experience with investments in PCCW shares, could affect demand for this Hong Kong high-grade debt issue".

There is also expected to be more debt issuance from corporates in Singapore, Korea, Malaysia and the Philippines in 2H01, which could result in a larger yield premium for new debt issuance.Concerns over the rise in supply could also impact sentiment towards the bonds.

ING Barings believes PCCW-HKT's standalone credit profile is solidly in the 'BBB' rating range.

However, due to generally cautious investor sentiment towards the PCCW group, investors are likely to demand a substantial yield premium on PCCW-HKT's bonds over its rating benchmarks.
...
Mr Wong believes that the company's 10-year bond issue will represent value to investors only at 320 basis points over US Treasuries, as the pricing offers relative value to regional telecom debt issues.At this price it would also be the cheapest among Hong Kong high-grade US dollar bonds.

ING Barings said that given that PCCW-HKT is the main source of stable cash flow for its parent, the PCCW group, there is additional risk that PCCW-HKT may be asked to channel funds to its parent for debt servicing and other investments.But this should still not have a major impact on the company's debt servicing ability as creditors will have access to the company's cash flow before the parent company, or the parent company's creditors. .

Contact:
...
Eden Wong Director, Fixed Income Research +852 2913 8121

Note for Editors: ING Barings is the organisation and trade name used by ING Bank N.V. and certain of its subsidiaries for the conduct of activities in the field of international corporate and investment banking, including treasury services, M&A, corporate and sovereign lending, fixed income and equity origination, trading, sales and research.ING Bank N.V. is part of ING Group, one of the largest financial groups in Europe.ING Barings is regulated by the SFA for the conduct of investment business in the UK.

ING Barings' Director of Fixed Income Research, Eden Wong, said that: "A recent surge in new supply of Asian high-grade bonds, as well as many local investors' painful experience with investments in PCCW shares, could affect demand for this Hong Kong high-grade debt issue".

There is also expected to be more debt issuance from corporates in Singapore, Korea, Malaysia and the Philippines in 2H01, which could result in a larger yield premium for new debt issuance.Concerns over the rise in supply could also impact sentiment towards the bonds.

ING Barings believes PCCW-HKT's standalone credit profile is solidly in the 'BBB' rating range.

However, due to generally cautious investor sentiment towards the PCCW group, investors are likely to demand a substantial yield premium on PCCW-HKT's bonds over its rating benchmarks.
...
Mr Wong believes that the company's 10-year bond issue will represent value to investors only at 320 basis points over US Treasuries, as the pricing offers relative value to regional telecom debt issues.At this price it would also be the cheapest among Hong Kong high-grade US dollar bonds.

ING Barings said that given that PCCW-HKT is the main source of stable cash flow for its parent, the PCCW group, there is additional risk that PCCW-HKT may be asked to channel funds to its parent for debt servicing and other investments.But this should still not have a major impact on the company's debt servicing ability as creditors will have access to the company's cash flow before the parent company, or the parent company's creditors. .

Contact:
...
Eden Wong Director, Fixed Income Research +852 2913 8121

Note for Editors: ING Barings is the organisation and trade name used by ING Bank N.V. and certain of its subsidiaries for the conduct of activities in the field of international corporate and investment banking, including treasury services, M&A, corporate and sovereign lending, fixed income and equity origination, trading, sales and research.ING Bank N.V. is part of ING Group, one of the largest financial groups in Europe.ING Barings is regulated by the SFA for the conduct of investment business in the UK.