Universal Robina prices eurobond

The Philippines food and beverage company manages to hit its pricing targets.

Lead managers ING and Salomon Smith Barney successfully priced a $125 million Reg S bond for Universal Robina Corporation URC yesterday Monday.

The five-year deal was priced at par with a 9% coupon to yield 618bp over Treasuries. At this level it represented a 100bp premium to the Republic of the Philippine's 8.875% April 2008 bond, or 118bp over the interpolated curve. Both these levels are consistent with historical precedent and the company's parent JG Summit priced...

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