Back to back dollar bond issues for PLDT and Globe

Both operators are hoping to lock in cost-effective funding by riding on the back of phenomenal secondary market spread performance since the beginning of the year. PLDT in particular, has been the star turn of the Asian credit markets. The Ba3/BB- rated credit has seen its benchmark April 2009 transaction tighten from a spread of 1,000bp over Treasuries to 580bp over and yield contract from 15% to 11%.