Philippines

Philippine conglomerate San Miguel Corp and its power unit SMC Global Power are jointly seeking a $1.1bn loan to finance a $1.9bn acquisition of a power plant in the country.

San Miguel Pure Foods (SMPF), the Philippine food and beverage conglomerate, has suggested it could more than double a planned follow-on to $3.6bn, making it the country’s largest equity deal.

There was a rare sighting in the Panda bond market this week, as international investors outnumbered their onshore counterparts. The Republic of the Philippines completed its first transaction in the asset class, taking home Rmb1.46bn ($230.8m).

UBS is keeping the equity blocks market busy in Asia, launching two deals consecutively in the Philippines and Hong Kong — both as sole bookrunner.

Bank of the Philippine Islands has firmed up the launch date and number of shares for its Ps50bn ($961.5m) rights issue.

DoubleDragon Properties Corp is nearing the launch of its first post-IPO liquidity event, which has been in the works for half a year.

Philippine firm Metropolitan Bank & Trust Co has set the final terms for its Ps60bn ($1.15bn) rights issue, which will be launched next week.

After months of anticipation, the Philippines is finally planning to come to the Panda bond market on March 20 for a Rmb1.46bn ($230m) three year deal.

Philippine real estate developer DoubleDragon Properties Corp is looking to raise Ps7.5bn ($144m) through a follow-on offering of shares.

The Philippines’ Rizal Commercial Banking Corp (RCBC) found tepid investor demand for its dollar transaction on Thursday, but managed to raise $300m from the bond.

Philippine property developer DM Wenceslao & Associates has laid the groundwork for an IPO of up to Ps15.6bn ($300m), filing a draft prospectus on Tuesday.

Philippines’ Metropolitan Bank & Trust Co is preparing to launch a Ps60bn ($1.2bn) rights issue at the end of March after getting the nod from the country’s stock exchange.