Psalm set to price $1bn bond after popular roadshow
The Philippines’ Power Sector Assets & Liability Management Corp (Psalm) was on track to price a $1bn 10 year benchmark in the dollar bond market late on Tuesday night, after drawing orders worth over $4bn before it had even finished a roadshow.
Deutsche Bank, HSBC and Morgan Stanley managed the 10 year deal and set guidance on Tuesday morning between 7.375% and 7.625%, which investors said was around 80bp over the Philippines' sovereign curve. Psalm is wholly owned by the sovereign.
The bond followed a roadshow which started in Manila last
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