Philippines

Philippine conglomerate JG Summit Holdings managed to tackle investor questions and scrutiny into the impact of Covid-19 on its business to make a rare bond market outing for $600m.

Philippine oil refining and marketing company Petron has approached its relationship banks for a new club loan, after acknowledging the impact of the Covid-19 pandemic,

Philippine fast food operator Jollibee Foods Corp made a quick return to the dollar market on Thursday, attracting investors to its dual-tranche bond despite the impact the coronavirus has had on its business.

Philippine telecommunications company PLDT made a stellar return to the debt market on Tuesday. It raised a modest $600m but received orders of more than $11bn at its peak, as investors fought for a piece of the rare issuer.

International Container Terminal Services (ICTSI) raised $400m in the international bond market on Wednesday despite the Covid-19 pandemic challenging the Philippine issuer’s transaction.

The Asian Infrastructure Investment Bank has approved a $750m loan to the Philippines to help it recover from the Covid-19 pandemic.

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

The Republic of the Philippines pushed its bond maturities further this week, selling a 25 year note alongside a 10 year portion. The deal raised a combined $2.35bn, making it one of the country's largest trades.

The Philippine Stock Exchange suspended all trading on Tuesday, after the country’s president announced stricter coronavirus quarantine measures for Luzon, the northern island home to the capital Manila.

The World Bank and Assicurazioni Generali are each giving the insurance-linked securities (ILS) they issue a sustainability label, as the market attempts to burnish its credentials for investors concerned with environmental, social and governance (ESG) criteria. Both issuers are imitating conventional green bond programmes by focusing on direct use of proceeds, but there are also debates around issues such as freed-up insurance capital and what governments do with funds released from catastrophe bonds.

A recent move to encourage Philippine property companies to sell real estate investment trusts (Reits) looks set to give a much-needed boost to the market. The country has long suffered from a paucity of deals. It may finally be ready to turn a corner.

Ayala Land, one of the Philippines’ largest property owners, has filed an IPO application for a real estate investment trust (Reit), the country’s first public offer of the asset class.