Philippines: ECM deal upsurge meets EM stress

San Miguel Food & Beverage files record-breaking equity deal as the country’s leading families consider spinning off assets to raise equity capital for infrastructure projects.

One of the Philippines’ biggest conglomerates filed the country’s largest-ever prospective equity capital raising on Wednesday, praying the deal does not run headlong into a full-blown emerging markets crisis by the time it hits the market later this autumn.

Bankers say San Miguel Food Beverage SMFB is hoping to raise $1 billion to $1.5 billion from a 1.02 billion secondary share offering. But it would be an understatement to say the timing is not ideal.

Over the course of August, the Philippines Stock Exchange PSEi Index resumed a downward slide which has made it one of Asia’s worst performing stock markets so far this year. As...

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