Hong Kong―If you go by the ratings agencies, there is about the same amount of risk in holding the bonds of Hong Kong's Pacific Century CyberWorks as there is in holding Telekom Malaysia's bonds. And yet investors demand a significant premium for holding the debt of PCCW. PCCW's benchmark bond offers investors a return that is about 2.4 percentage points higher than a U.S. Treasury bond of the same maturity. But the benchmark bond issued by Telekom Malaysia trades at only 1.5 percentage points more than U.S. Treasurys. The price of its bonds in the secondary market doesn't directly affect PCCW today. But it indicates the kind of return investors will expect should the company try to sell new bonds tomorrow. That premium should be a worrying signal to the company as it continues to refinance US$4.7 billion in loans it took out early last year for the purchase of Hong Kong Telecom in 2000.
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机译：香港-如果您通过评级机构，持有香港Pacific Century CyberWorks债券的风险与持有马来西亚电信的债券几乎相同。然而，投资者要求持有电讯盈科的债务要溢价很大。电讯盈科的基准债券为投资者提供的回报率比相同期限的美国国债高约2.4个百分点。但马来西亚电信发行的基准债券的交易价格仅比美国国债高1.5个百分点。今天，其在二级市场上的债券价格并没有直接影响电讯盈科。但它表明，如果该公司明天尝试出售新债券，投资者将期望获得这种回报。该溢价对于该公司来说是一个令人担忧的信号，因为该公司将继续为去年年初为购买2000年香港电信而提供的47亿美元贷款进行再融资。
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