Globe looks to an investment grade rating

Globe CFO Delfin Gonzalez discusses the strategy behind the telco''s latest international bond deal and his hopes for an investment grade rating.

Just over a week ago, Globe Telecom set an important new benchmark for Philippines' corporate paper, with the pricing of its first international bond deal in nearly three years. With Salomon Smith Barney as lead manager, the BBBa3 rated group raised $200 million from a 10 non call five offering with pricing at par on a coupon of 9.75% to yield 442bp over Treasuries. Terms were aggressive and demand was strong, with Philippines investors alone enough to cover the...

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