Petron makes dollar debut with $500 million perpetual

Asian high-net-worth buyers take three-quarters of the deal as the demand for yield continues to attract borrowers.
<div style="text-align: left;">
Petron's refinery in Bataan
</div>
<div style="text-align: left;"> Petron's refinery in Bataan </div>

Petron raised $500 million from the sale of a perpetual bond on Wednesday night, proving that there is plenty of liquidity at the right price. The Philippines oil refiner has not borrowed in the dollar markets before and is unrated, yet investors still placed $2.75 billion of orders for the chance to own its subordinated debt.

Part of the attraction is that Petron is 68.3%-owned by San Miguel, which is a well-known name among Asian private bank clients. It also appeared to make some concessions to investors, who have complained that recent deals were skewed too heavily toward the borrowers’ interests.

Petron is paying a coupon of...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222