JG Summit has two outstanding bonds, one due in 2002 and the other in 2004. However, both are essentially very illiquid, given that the company has actively been buying the bonds back from the market. Indeed, with the firms sales of stakes in PCI Bank and Apo Cement, it gained Ps10 billion of cash which it used to lower its gearing to 39% from 98%.
The new issue will be for three years. At 365bp over, it is over 100bp wide of Philippines sovereign loan...
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