San Miguel surprises with exchangeable terms
Philippines conglomerate San Miguel expects to raise $850m from a simultaneous exchangeable bond and share sale on Tuesday after closing the books on the long-awaited deal overnight. But the deal split had still not been finalised on Monday evening — and bankers expressed concerns about a rare option to reset the exchange price of the bond ever quarter.
Unlock this article.
The content you are trying to view is exclusive to our subscribers.
To unlock this article:
- ✔ 4,000 annual insights
- ✔ 700+ notes and long-form analyses
- ✔ 4 capital markets databases
- ✔ Daily newsletters across markets and asset classes
- ✔ 2 weekly podcasts