The Philippines credit universe is undergoing a wave of expansion as a host of new names seek to take advantage of low absolute rates while they can. Following the successful debut of a $150 million deal for Banco de Oro last week, Filinvest Land has begun roadshows for a maiden $100 million issue via JPMorgan and ABS-CBN is preparing to launch presentations late next week for a $150 million deal via Credit Suisse First Boston and Bear Stearns.
Also looming in the background is the prospect of a challenging $200 million high yield deal for troubled electricity utility Meralco. The CC-rated group had initially been hoping to launch a deal...
