ICTSI opens bonds to Philippine issuers

11 Jan 2013

International Container Terminal Services International (ICTSI) brought the Philippines' first deal of 2013 on Wednesday. Its $300m 10 year deal was the tightest ever from a Philippine corporation and carried ICTSI’s lowest ever coupon.

The issuer had only intended to print $200m, but increased the deal after bookrunnners HSBC and UBS received $5.5bn in orders. The issuer priced a 4.625% $300m January 2023 deal at 288.4bp over Treasuries to yield 4.75%.

The issuer had not launched a dollar deal since it sold a ...

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