Globe deal hits difficult market

Globe Telecom issues innovative Ps1.085 billion corporate bond via HSBC at a time of low issuance in the Philippines.

Globe Telecom, the biggest digital phone company in the Philippines has launched its first domestic bond deal, despite an unfavorable climate for issuers. HSBC acted as lead manager on the transaction. 

International and domestic debt issuance from the Philippines has been virtually non-existent in recent months as a result of political and economic uncertainty. A high interest rate environment has also resulted in few issuers being either willing or able to issue bonds. Globe, however,...

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