Petron attracts investors to $500m bond

Oil pipeline 230x150
By Morgan Davis
12 Jan 2018

Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

It was an interesting week for perpetual deals, given the yield on 10 year US Treasuries rose 6bp to 2.55% overnight on January 9. While the rate swing and subsequent sensitive market did not affect short-dated notes, the buy-side treated perpetual deals with a bit more caution.

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