SMC Global Power, the Philippines’ largest power producer, jumped into the Asian bond markets on Wednesday with its first perpetual deal since 2013.
The transaction came one day after a similar offering from the Philippines International Container Terminal Services ICTSI, which initially appeared to have gone well after attracting a respectable order book of $1.8 billion for an upsized $450 million offering.
However, instead of providing a good springboard for SMC Power, ICTSI’s deal appears to have sucked most of the available demand out of the market instead.
As a result, SMC Power ended up having to settle for a $300 million...