ENP Newswire -
Release date- 06022014 -
After receiving overwhelming demand from both retail and institutional investors, PLDT exercised its oversubscription option and increased the total issue size from
The bonds, which have tenors of seven and ten years, were more than twice oversubscribed. The strong support enabled PLDT to price its bonds at the tightest end of its pricing guidance with the seven and ten year bonds priced at 5.2250% and 5.2813%, respectively, equivalent to 100 basis points over the relevant government benchmarks.
'We are grateful for the support, trust and confidence that investors have shown in our maiden bond offering, which will partially finance our capital expenditures this year. With this issuance, PLDT is better positioned to further improve our network and services to our growing customer base.' said
PLDT's inaugural bonds were rated by
Moody's earlier said that PLDT's local retail bond issue is credit positive as 'it will help PLDT to term out its debt maturity profile and reduce foreign exchange rate risk.'
The bonds were listed at the
Also joining the Joint Lead Underwriters in distributing the bonds are
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Motley Crue's Nikki Sixx Marries Model Courtney Bingham
- Chinese e-Commerce Giant Alibaba Gears for IPO in U.S.
- Some California Cities Seeking Water Independence
- Apple, HP, Intel May Take a Hit from Slowdown in Smartphone Sales Growth
- FDIC Files Lawsuit on Behalf of Banks Allegedly Hurt by Libor Scandal
- SoCalGas Reaches Record Spend on Diversity Suppliers
- Will Missing Malaysian Jet Prompt Aviation System Change?
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Natural Gas Discovery Could Lead to Cleaner Fuels