San Miguel exchangeable bond going flat

The Philippines plans to issue $1 billion of bonds, convertible into shares of brewery San Miguel.
The Philippine government's plan to raise $1 billion through the sale of bonds exchangeable into shares of San Miguel Corp., doesn't look promising.

The government hopes to sell the bonds in the first quarter of next year, backing them with a 27% stake in the country's largest food and beverage conglomerate. The bonds would be convertible within three to five years. The government's finance secretary, Jose Pardo, says nearly a dozen investment banks, including Goldman Sachs, HSBC, Credit Suisse First Boston, Salomon Smith Barney, ING Barings and Lehman Brothers, are pitching to arrange the sale, despite the problems that such a deal will carry with it.

The problem is, no-one in the Philippines...

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