Two Asian power companies sold perpetual bonds last week, taking advantage of strong appetite for higher-yielding debt to strengthen their balance sheets. The gratification came instantly for Hong Kong-based clp power, which won a revision of its ratings outlook to stable from negative from Moody's after announcing a US$500m hybrid. The non-call 5.5-year perpetual bond priced at par to yield 4.25%. smc global power, a unit of Philippine conglomerate San Miguel Corp, also raised funds without harming its financial ratios with a US$300m perp non-call 5.5-year deal, priced to yield 7.50%. While the motives for the two issues are different, the moves underline the growing appeal of corporate hybrids in Asia.
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机译：两家亚洲电力公司上周出售了永续债券，利用了对高收益债券的强烈需求来巩固其资产负债表。总部位于香港的clp power立刻感到满足，该公司宣布了5亿美元的混合动力后，获得了穆迪（Moody's）评级从负面调升为稳定的评级前景。以票面价格计息的非赎回5.5年永久债券收益率为4.25％。菲律宾企业集团San Miguel Corp的子公司smc global power也以不影响其财务比率的方式筹集了资金，以每笔3亿美元的非优先认购5.5年期债券定价，收益率为7.50％。尽管这两个问题的动机不同，但此举突显了企业混合动力在亚洲日益增长的吸引力。
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