megaworld-steps-up-with-new-highyield-debt-deal

Megaworld steps up with new high-yield debt deal

Unrated Philippine property developer becomes the first issuer to step into the DCM window and bring a deal to market.
July 30, 2006
Philippine real estate developer Megaworld on Friday July 28 became the first high-yield issuer to take advantage of the positive sentiment left in the wake of last weekÆs hugely successful Philippine sovereign deal, pricing an un-rated $100 million Reg-S, five-year bond offering in line with guidance.

UBS was the sole bookrunner on the deal, which was issued via MegaworldÆs SPV -Megaworld Cayman Islands

Initially announced in May, the deal was delayed when the markets turned sour. Indeed the high-yield market has been all but closed since May, leaving a number of deals sitting on the sideline awaiting an opportunity to come to market. That long-awaited issuance window looks to have materialised after the Philippines's $750...
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