Back to back dollar bond issues for PLDT and Globe

The Philippines'' two dominant telcos are simultaneously planning to access the international bond markets within the next month.

Both operators are hoping to lock in cost-effective funding by riding on the back of phenomenal secondary market spread performance since the beginning of the year. PLDT in particular, has been the star turn of the Asian credit markets. The Ba3BB- rated credit has seen its benchmark April 2009 transaction tighten from a spread of 1,000bp over Treasuries to 580bp over and yield contract from 15% to 11%.

A $150 million to $175 million issue for Globe Telecom has already been well flagged and roadshows start on Monday under the sole lead of Salomon Smith Barney. Similar to the group's debut $220 million issue of August 1999, a ten non call five offering...

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