Petron Corp issues $469 million peso eurobond

The energy company becomes the first Philippine corporate issuer to sell peso-denominated bonds to international investors following the success of the global peso sovereign.

Philippine energy giant Petron Corporation priced this year’s second international peso bond late on Wednesday -- a Ps20 billion $469 million seven-year bond with a 7% semi-annual coupon and yield. The deal was issued and reoffered at par and comes after the Philippine sovereign's successful Ps44.1 billion global peso bond in September. 

The Reg-S peso eurobonds, which are denominated in Philippine pesos but settled in US dollars, work better for the issuer than conventional dollar bonds since the...

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