Philippines

Converge ICT Solutions, an internet service provider, has bagged Ps25.2bn ($521.1m) from its Philippine IPO after pricing the stock just off the bottom of the marketed range.

Philippine carrier Cebu Air is looking to tap the equity markets for $500m, in an attempt to position itself for a recovery from the impact of the Covid-19 pandemic.

Philippines-based internet services provider Converge ICT Solutions has kicked off the roadshow for its up to Ps28.6bn ($590.4m) IPO, set to be the country’s largest ever public offering.

ANZ has appointed Rufus Pinto as its country head for the Philippines, effective Thursday.

The Asian Development Bank has received a Rmb10bn ($1.48bn) Panda bond quota from the Chinese interbank regulator. The multilateral development bank, which sold the world's second ever Panda about 15 years ago, is waiting for the right window to push out its offering, GlobalCapital China understands.

Philippine real estate company Filinvest Development Corp raised $200m from a five year bond on Thursday.

Hong Kong-based conglomerate First Pacific Co had to navigate underperforming bonds from peers and difficulties around price discovery for its $350m bond return.

Rizal Commercial Banking Corp (RCBC) sold its debut Basel III compliant additional tier one dollar bond on Thursday, becoming the first Philippine bank to do so.

Dollar bonds sold by a number of Philippine issuers in the past two months have dipped in the secondary market, as a combination of too much supply too quickly and tight pricing puts pressure on the deals.

In this round-up, China emphasises proactive fiscal policies and flexible monetary policies, Hong Kong disqualifies a dozen pro-democracy candidates from the upcoming legislative council election and the Ministry of Finance tells local governments to use up their special-purpose bond quotas by October.

Now is not the ideal time to be a port operator. International Container Terminal Services has faced a tough year, as the Covid-19 pandemic and geopolitical turmoil take a toll on global trade. But the Philippine company, which develops and operates container ports and terminals, moved quickly in response to the crisis in early 2020, boosting its liquidity and freezing its capital expenditure. ICTSI followed with two successful dollar bond sales in June and July.

Philippine oil refining and marketing company Petron has warned its lenders about a potential covenant breach on two of its dollar loans.