ICTSI back with a perp

Philippine container terminal operator brings well-timed second perpetual of the year ahead of the early autumn rush and potential interest rate volatility.
Market conditions stack up well for ICTSI
Market conditions stack up well for ICTSI

The Philippines International Container Terminal Services  ICTSI executed its second perpetual of the year on Tuesday with a deal that appeared to catch a good market window ahead of the early autumn rush and potential interest rate volatility.

The unrated group attracted a $1.8 billion order book for a senior issue that was upsized to $450 million from early indications around the $300 million to $350 million level. Pricing was also narrowed from an indicated yield of 5.75% to 5.5% on an issue price of par and spread of 391.6bp over Treasuries.

The perpetual deal was issued in the name of Royal Capital BV with a...

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