What are the main trends that will drive issuance from the Philippines in the capital markets in the next six months or so
Firstly, local market conditions are very supportive. In particular, interest rates remain very low and onshore liquidity is at an all-time high. The banking market has low loan-to-deposit ratios in both pesos and US dollars, which supports both onshore and offshore issuance and demand, often driving down pricing for Philippine issues. Also, tenors have extended out to 10 years. We've seen high-grade and even high-yield names attract significant liquidity at tight pricing, which is attractive. It's been a long time since issuers have been able to access such low-cost term funding across...
¬ Haymarket Media Limited. All rights reserved.
