FinanceAsia: Megaworld steps up with new high-yield debt deal

Megaworld breaks ice in the international high yield debt market! According to Finance Asia,

``Philippine real estate developer Megaworld on Friday (July 28) became the first high-yield issuer to take advantage of the positive sentiment left in the wake of last week’s hugely successful Philippine sovereign deal, pricing an un-rated $100 million Reg-S, five-year bond offering in line with guidance...

``The Megaworld deal was priced at 98.488% on a semi-annual coupon of 7.875% to yield 8.25%, which was spot on with the initial yield guidance provided by UBS. The yield is equivalent to 327.1bp over comparable US Treasuries.”

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As Philippine companies get international exposure by tapping capital market abroad, so will its equities.