Capital

PLDT Raises $10 Billion in Bond Sale Orders—17 Times Bigger Than Actual $600 Million Offering

The bond sale broke records on a number of fronts.
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PLDT makes a stellar return to the international bond market by getting orders worth over $10.2 billion (P500.5 billion), the largest figure for any Philippine issuer. The final order book was 17 times oversubscribed from the $600 million (P30 billion) of fixed rate notes issued by the telco.

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The record-breaking orders were after PLDT’s dual-tranche 10-year and 30-year offering with a fixed coupon of 2.5 percent and 4.35 percent, respectively—the lowest ever coupon issued by a Philippine corporate, said PLDT. The low rates are a result of massive demand.

The 30-year offering is also the first for a non-government entity out of the Philippines, said PLDT in a disclosure on the stock exchange.

This is the first time PLDT has entered the international debt market in 18 years. The last bond sale was during an entirely different crisis—9/11—and the new offering comes in the time of a pandemic.

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“We are extremely gratified by the response of the international bond market to our return. It has been 18 years since our last foray—we started our roadshow in Singapore on September 11, 2001 and, if one recalls, we were soon faced with a global crisis then, just as we are today,” said PLDT chairman, president, and CEO, Manuel V. Pangilinan.

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Despite the pandemic, PLDT has managed to rake in orders worth 17 times the actual offering. The proceeds will be used to pay off PLDT’s debts and to fund capital expenditures.  

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Anri Ichimura
Staff Writer, Esquire Philippines
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