Globe Telecom to launch benchmark for Philippines

Globe Telecom, the biggest digital phone company in the Philippines, is to launch a corporate bond this month via HSBC.

Rob Davies

February 06, 2001

Globe Telecom, a subsidiary of SingTel and the biggest digital phone company in the Philippines, is set to launch a corporate bond this month via HSBC. The deal, which will be in the region of Ps1.5 billion ($30.7 million), is awaiting approval from the Securities and Exchange Commission, which is expected to be granted in the next three weeks.

The transaction will set a precedent for corporate bonds because it is the first time that floating rate notes will be issued in a non-commercial paper deal. An HSBC official told FinanceAsia that the issue would encompass both floating and fixed rate notes and that the bank was talking to investors about their preferences regarding maturity.

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