San Miguel exchangeable bond going flat

The Philippines plans to issue $1 billion of bonds, convertible into shares of brewery San Miguel.

The Philippine government's plan to raise $1 billion through the sale of bonds exchangeable into shares of San Miguel Corp., doesn't look promising.

The government hopes to sell the bonds in the first quarter of next year, backing them with a 27% stake in the country's largest food and beverage conglomerate. The bonds would be convertible within three to five years. The government's finance secretary, Jose Pardo, says nearly a dozen investment banks, including Goldman Sachs, HSBC, Credit...

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