PLDT gets its cash

The Philippines telco completes one part of its critical liability management exercise after accelerating its global bond offering.

A twin five and 10-year bond offering was priced in New York last night Thursday laying the foundations for significant spread tightening in the secondary market. After nearly a year since it first considered a cash tender and bond offering to term out its liability profile, the BB-Ba3 rated credit paid investors the premium it needed to get the new deal done and took the best advantage it could of strong markets for high yield debt.

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