Napocor stumbles towards finishing line

After a day fuelled by rumours that its bond deal was about to be pulled, the electricity utility puts out wider-than-expected indicative pricing.

A $500 million seven-year bond deal remains on schedule to price in New York tonight Friday on an indicative yield of 9.25% to 9.50%. With Bear Stearns as bookrunner and JPMorgan as joint-lead, the deal carries a Baa3BBB- rating, one notch above the sovereign ceiling, as a result of its political risk insurance PRI.

Outside the lead management group, however, there is virtually no one who considers the whole process to have been anything other than...

To continue reading, please login or register for free

Click for more on: napocor | stumbles | towards | finishing | line

Print Edition

FinanceAsia Print Edition


  • 2nd Compliance Summit Southeast Asia

    17 August 2017  |  Singapore
    The 2017 Compliance Summit Southeast Asia will take an in-depth look at the key compliance considerations today with a focus on regulation and new ...