Petron keeps it simple for return to hybrid bonds, shows the structure to keep debt investors happy

Philippine oil refiner Petron Corp returned to the corporate hybrid market this week with a tap of its debut deal in the format that was launched just a month ago. The strong response to the trade shows that, for the right structure, investors will still come out in droves. But they are becoming more and more picky about what that right structure really is, writes Matthew Thomas.