Psalm's $1 billion bond benefits from improved sentiment

The Philippine SOE's debut offering attracts $6 billion in orders from international investors.

International investors placed close to $6 billion of orders yesterday for a debut bond offering by the Philippines' state-owned Power Sector Assets and Liabilities Management Corp Psalm -- six times the amount of paper on offer.

The strong demand was driven by a recent spike in optimism in the credit markets and by Psalm's government guarantee, which combined to allow the company to print the 10-year bonds at the tight end of its price guidance. The final price was...

FinanceAsia has updated its subscription model. Registered readers now have the opportunity to read five articles from our award-winning website for free. Please subscribe for unlimited access.

Click for more on: bond | quasisovereign | power | deutsche bank | hsbc | morgan stanley

Print Edition

FinanceAsia Print Edition

EVENTS