San Miguel Group returns with new hybrid dollar bond

By Virginia Furness
30 Apr 2014

Philippine giant San Miguel Group’s latest bond offering came in the form of a perpetual non-call 5.5 this week from SMC Global Power Holdings. The deal was priced on Tuesday just wide of sister company Petron’s similarly structured perp.

Dealers circulated initial price thoughts of mid to high 7% on Monday afternoon before formal guidance was announced at 7.625% area and books opened on Tuesday morning. The books grew to $1bn before final guidance of 7.5% with pricing at that level.

While SMC has not been seen ...

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