Rare Philippines dollar securities get boost with second ever sale

A year after the Philippine Stock Exchange approved the issuance of dollar-denominated securities (DDS) on its bourse, the market is starting to heat up. Cirtek Holdings Philippines Corp raised $140m from just the second such deal this week, while Del Monte returned for a tap. The asset class is still in its infancy, but the advantages it offers could give a fillip to deal flow. Jonathan Breen reports.

  • By Jonathan Breen
  • 30 Nov 2017
Cirtek launched its offering of public DDS on November 22 and closed the deal on Wednesday. Its trade comprised 60m primary preferred shares and an over-allotment option of an additional 80m primary preferred shares. The DDS have an annual dividend of 6.125% and were up for grabs at ...

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