It’s always impressive when companies take it upon themselves to change things for the better. Ayala Corporation, the Philippines’ largest and oldest conglomerate, fits this bill. It has broken new ground in pricing landmark deals and generating growth and innovation in one of the smallest and most underdeveloped bond markets in the region.
Like many countries across Asia, the Philippines suffer from a relatively shallow bond market that makes it difficult for big companies to access cheap long-term funds locally. As a result, they often turn to the offshore markets, making themselves vulnerable to both foreign currency risk, as well as sourcing risk for foreign currency.
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