JG Summit opens 2006 high-yield corporate market

Unrated Philippine conglomerate first to test the new year''s high-yield appetite.

In a year that many analysts expect to be a breakout year for the Asian high-yield debt market, JG Summit has opened the corporate space pricing an upsized $300 million offering last night January 11. Under the sole lead of Credit Suisse First Boston, a $200 million issue was upsized to $300 million after the book closed at $1.4 billion.

The notes are issued via a wholly owned offshore special purpose vehicle JGSH, and are fully guaranteed by the parent.

The unrated issue has a seven-year maturity with a five year put option and was priced at par on a coupon of 8%. At these...

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