Globe Telecom to launch benchmark for Philippines

Globe Telecom, the biggest digital phone company in the Philippines, is to launch a corporate bond this month via HSBC.
Globe Telecom, a subsidiary of SingTel and the biggest digital phone company in the Philippines, is set to launch a corporate bond this month via HSBC. The deal, which will be in the region of Ps1.5 billion $30.7 million, is awaiting approval from the Securities and Exchange Commission, which is expected to be granted in the next three weeks.

The transaction will set a precedent for corporate bonds because it is the first time that floating rate notes will be issued in a non-commercial paper deal. An HSBC official told FinanceAsia that the issue would encompass both floating and fixed rate notes and that the bank was talking to investors...

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