Why is JG Summit raising more debt?

Does a new $300 million eurobond presage a second bid for PLDT?

A larger than expected $300 million five-year deal was priced last night via sole lead JPMorgan after Morgan Stanley withdrew due to a conflict of interest.

Having gone out with guidance for a $150 million deal, the transaction was upsized on the back of four times oversubscription. In order to maximise demand, however, the borrower appeared to have decided to cede ground on pricing, as the bond came at a wide historical pick-up to the sovereign curve and relative to its own subsidiary Universal Robina Corp URC.

After a three day roadshow that began in Manila on Friday, the deal was priced at 99.496% on a coupon of 8.25%...

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