PLDT gets its cash

The Philippines telco completes one part of its critical liability management exercise after accelerating its global bond offering.

A twin five and 10-year bond offering was priced in New York last night Thursday laying the foundations for significant spread tightening in the secondary market. After nearly a year since it first considered a cash tender and bond offering to term out its liability profile, the BB-Ba3 rated credit paid investors the premium it needed to get the new deal done and took the best advantage it could of strong markets for high yield debt.

With Credit Suisse First Boston and Morgan Stanley as lead managers, roadshows were curtailed ahead of schedule and the bond priced three days early, raising $100 million of five-year debt and $250 million of 10-year debt. The...

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