Globe Telecom, the biggest digital phone company in the Philippines has launched its first domestic bond deal, despite an unfavorable climate for issuers. HSBC acted as lead manager on the transaction.
International and domestic debt issuance from the Philippines has been virtually non-existent in recent months as a result of political and economic uncertainty. A high interest rate environment has also resulted in few issuers being either willing or able to issue bonds. Globe, however, was willing to take the risk in order to diversify its funding sources.
Its Ps1.085 billion $22.5 million transaction is innovative in that it encompasses both fixed and floating rate paper of maturities...
