Philippines

Philippine conglomerate Ayala Corp is set for a dollar bond comeback as it markets a fixed-for-life deal, bringing to an end a 14-year absence from the international debt market.

BDO Unibank set a new record on Wednesday with a $700m bond, the largest dollar deal ever from a bank in the Philippines and a rare transaction from the island nation this year. Although few expect a rush of Philippine credits in the dollar market as a result, there is some hope next year will set a new pace. Morgan Davis reports.

Philippine conglomerate Ayala Corp is gauging investor interest in a debut fixed for life perpetual, which would be the first international corporate issuance from the country this year.

The Philippines’ BDO Unibank is back in the dollar debt market less than a year after its last transaction, marking just the second offshore deal from the island nation this year.

BDO Unibank has mandated firms for a proposed dollar bond, marking a rare international debt offering from the Philippines this year.

Allocations for a $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global were firmed up on Tuesday.

Bank of China and China Construction Bank have picked new chairmen, BOC’s asset management arm received its first batch of qualified foreign institutional investor (QFII) quotas, and the Ministry of Finance published new guidelines to restrict foreign investments by state-owned enterprises.

The Philippines' ministry of finance has mandated Bank of China and Standard Chartered for its upcoming Panda bond, two sources have told GlobalCapital Asia's sister publication GlobalRMB.

A $235m three-tranche financing for private equity firm Partners Group’s acquisition of Philippine business process outsourcing company SPi Global has gathered commitments from five lenders.

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Chelsea Logistics Corp raised Ps5.8bn ($115.1m) from its Philippine IPO on Thursday after the shares were priced almost 30% below the upper limit.

Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.