Filipino borrowers remain waiting in the wings

The anticipated onset of international dollar bonds from Philippines does not look likely to materialise, with PLDT debating whether to hold out for a better market and Napocor turning back to the government for funds.

The market had been expecting that PLDT Philippines Long Distance Telephone Company would kick-start the autumn pipeline with its $500 million high yield bond via joint leads Credit Suisse First Boston and HSBC. However, while the 10-year deal is said to be ready to go, the two leads are believed to have decided to hold off for at least another week before making a final decision whether to proceed with roadshows.

Most believe that this decision makes sense. Filipino spreads remain high relative to pre-summer levels and have been fairly range-bound over the past few weeks despite the removal of the threatened default by Argentina, which sent all emerging markets spreads wider in...

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