Petron makes dollar debut with $500 million perpetual

Asian high-net-worth buyers take three-quarters of the deal as the demand for yield continues to attract borrowers.
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Petron's refinery in Bataan
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<div style="text-align: left;"> Petron's refinery in Bataan </div>

Petron raised $500 million from the sale of a perpetual bond on Wednesday night, proving that there is plenty of liquidity at the right price. The Philippines oil refiner has not borrowed in the dollar markets before and is unrated, yet investors still placed $2.75 billion of orders for the chance to own its subordinated debt.

¬ Haymarket Media Limited. All rights reserved.

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