Globe gets done

Globe TelecomÆs $100 million PDR deal is completed but falls short on pricing.

Globe Telecoms $100 million Philippine depositary receipt PDR issue was completed via Morgan Stanley Dean Witter yesterday, but fell short of initial hopes for a deal from that country that could blaze a trail for others.

Nonetheless Globe succeeded in offering 6.4 million new PDRs in a horrible macro environment a considerable achievement. The Philippines has been among Asias worst performers this year thanks to volatile politics, charges of heightened cronyism and being sidelined by index...

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