An additional $50 million line of paper was added to Ayala Corp's $150 million Reg S eurobond yesterday Monday. The five-year deal was originally priced on Friday via lead manager JPMorgan and like SM Investments before it, attracted strong demand from Asian private banking clients.
This meant the overall book closed with a 65% allocation to private banks, followed by 30% to banks and only 5% to funds. Observers say that funds shied away from the deal because they found the pricing premium to the sovereign too aggressive, while retail clients were happy to pick up the deal because of the strong branding of the Ayala name.
Pricing came...
