Philippines

The Republic of the Philippines hit the market with a pair of euro benchmark bonds on Tuesday, making a rapid comeback to the currency.

Jollibee Foods Corp, the owner of the eponymous fast food chain, wowed investors on Thursday with a debut $600m bond that beat the Philippine company’s targets.

SMC Global Power Holdings Corp took advantage of an exceptionally bullish credit market, getting a peak order book of around $5bn for a $600m deal.

Price discovery was in focus for a $400m debut bond from Philippine conglomerate Aboitiz Equity Ventures (AEV) on Thursday, as the unrated company brought out a rare 10 non-call five year senior deal from the country.

Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.

Philippine brandy making company Emperador has closed a €405m borrowing with 13 lenders in the syndicate.

Macau casino operator Melco Resorts & Entertainment, Philippine power company AC Energy and a local government financing vehicle from Jiangxi were among the crop of issuers to hit the bond market on Tuesday.

The World Bank has issued the first catastrophe bond to be sponsored by an Asian government, and the first to be listed on the Singapore Exchange. The Philippines will receive protection against damage caused by earthquakes and cyclones, writes Jasper Cox.

Philippine conglomerate San Miguel Corp has launched its $1.75bn loan into general syndication, after one bank joined as a mandated lead arranger and bookrunner during the senior phase.

Philippine company SMC Global Power Holdings Corp has priced its second senior perpetual bond of the year, raising $500m from a four times covered deal at a yield that met the issuer’s target.

Philippine conglomerate Ayala Corp raised $400m this week, after bringing fixed-for-life perpetuals back to the Asian bond market.

Philippine conglomerate San Miguel Corp is inviting banks to join a $1.75bn term loan that will be used to take out a bridge facility that supported its acquisition of Holcim Philippines.