PLDT gets its cash

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.