Philippines

Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

International Container Terminal Services, a Philippine port operator, sold a fixed-for-life perpetual bond on Wednesday, braving the market despite US Treasury volatility shaking investors’ nerves.

A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

Philippine company International Container Terminal Services (ICTSI) opened books for a fixed-for-life dollar perpetual bond on Wednesday, making it the first issuer to take advantage of the country’s ratings upgrade last month.

Philippine company International Container Terminal Services (ICTSI) will meet investors in Asia and Europe next week for a senior guaranteed perpetual bond.

Fitch Ratings upgraded the Philippines to BBB with a stable outlook from BBB- on Monday, thanks to the country’s strong economic performance, a move that some economists said was a long time coming.

A year after the Philippine Stock Exchange approved the issuance of dollar-denominated securities (DDS) on its bourse, the market is starting to heat up. Cirtek Holdings Philippines Corp raised $140m from just the second such deal this week, while Del Monte returned for a tap. The asset class is still in its infancy, but the advantages it offers could give a fillip to deal flow. Jonathan Breen reports.

The sheer amount of dollar bond issuance seen this month in Asia, and the expected supply heading into the year end, has taken a bit of a toll on the market, with a handful of deals pulled and many others suffering in secondary. But there is a silver lining. Issuers in the region are being forced to think hard, communicate better and push the boundaries — things which can only make the market stronger.

Bond investors in the Philippines are struggling to ramp up their portfolios as borrowers shun the debt market in favour of cheaper bank funding, according to panellists speaking at Euromoney’s Philippines Investment Forum on Monday.

The surge in dollar bond issuance from Asia ex-Japan continued unabated at the tail end of last week, with three issuers selling $1.1bn of deals on Friday.

Philippine homebuilder Vista Land & Lifescapes sealed a successful dollar deal on Monday, despite venturing into a shaky market full of sceptical high yield investors.

Union Bank of the Philippines made diversification its focus in its return to the dollar debt market after a 13 year absence, netting $400m from a tightly priced offering.