One of the Philippines most stable borrowers and one of its rarer issuers will launch roadshows for its $150 million bond today.
Universal Robina, a food and beverage company, will start its Asian roadshow today.
Universal Robina is rated Ba3 and will use most of the proceeds of the debt to refinance existing debt and take advantage of low interest rates.
The company has had an excellent earnings track record in recent years. Its operating income EBIT has remained incredibly steady since 1998, going from $36 million to $44 million.
The predictable quality of its earnings, and the fact that it now manufactures in Thailand, China and...