ICTSI entices investors with fixed-for-life perp

Philippines flat_resized_230
By Morgan Davis
11 Jan 2018

International Container Terminal Services, a Philippine port operator, sold a fixed-for-life perpetual bond on Wednesday, braving the market despite US Treasury volatility shaking investors’ nerves.

The company, better known as ICTSI, raised $350m from the deal but had to overcome a tricky market environment to do so. Fixed-for-life perpetual are not easy sells at the best of times, but when the yield on 10 year US Treasuries jumped to 2.55% overnight on Tuesday ...

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