Philippines

Philippine company International Container Terminal Services has turned to banks for a €260m ($296m) fundraising, breaking a hiatus of more than two years from the loan market.

The Philippines’ equity capital market came to life this week with two back-to-back overnight transactions, with Puregold Price Club and Ayala Corp in the limelight.

Philippine supermarket chain Puregold Price Club raised Ps4.69bn ($90m) from a top-up placement on Wednesday.

Japan’s Mitsubishi Corp has bagged Ps11.7bn ($244.35m) from a much sought-after sell-down of shares in Philippine conglomerate Ayala Corp, according to a source close to the deal.

The Philippines is preparing a sovereign catastrophe bond, the World Bank said on Monday. The imperilled country could be the next to use the instrument as insurance against natural disasters.

Dollar bond issuance in Asia appears to have got off to a strong start, with a rally both in the primary and secondary markets. But that is not enough for many DCM bankers in the region, who are hoping for a bigger upside.

The Republic of the Philippines threw open the door for emerging market sovereign issuance for 2019, raising $1.5bn in an outing that offered investors just a small concession. The country’s decision to attract new Chinese investors also paid off, writes Morgan Davis.

The Republic of the Philippines opened the bond market for Asian sovereign issuers in 2019 with a $1.5bn outing, making efforts to boost its engagement with Chinese investors and paying just a small double-digit premium for the deal.

Panda bonds could take a back seat in the first quarter of 2019 due to the expected increase in issuance of local government bonds and as banks focus on their own funding needs, according to onshore DCM bankers.

The Republic of the Philippines opened books for a dollar-denominated 10 year bond on Monday morning, making it the first Asian sovereign to visit the international debt market in 2019.

Philippine Savings Bank wants to raise Ps8bn ($150.84m) from a rights issue early next year, fixing the price of the offering at Ps56 apiece.

In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.