Rarity value drives Vista Land $125m tap

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By Narae Kim
28 Jan 2016

Philippine homebuilder Vista Land & Lifescapes opted to tap its outstanding bond rather than sell a new deal on Wednesday due to challenging market conditions. Although pricing wasn’t as tight as expected, offshore investors were still keen due to its scarcity value and a lack of other primary supply.

When the unrated issuer met investors in Asia and Europe on January 14-18, the company was weighing the options of selling a completely new bond or tapping its existing notes.

“A tap option had been on the back of the company’s mind throughout the roadshow as it ...

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