Philippines' San Miguel Brewery's up to PHP 38.8 billion bonds talked 250-325 bps over governments

By Angela McDaniels

Tacoma, Wash., March 3 - San Miguel Brewery Inc. expects its upcoming domestic bond offering to carry a yield of 250 basis points to 325 bps over secondary market rates for comparable government bonds.

In a Tuesday letter to the Philippine Stock Exchange, the company confirmed that the unofficial pricing guidance of 250 bps to 325 bps was given by the underwriters at an investor presentation but noted that the final price will not be determined until the offering is approved by the Philippine Securities and Exchange Commission.

As previously reported, the company plans to issue PHP 20 billion of fixed-rate bonds in three series and may increase the issue by up to PHP 18.8 billion.

The offering consists of three-year series A bonds, five-year series B bonds and 10-year series C bonds.

San Miguel Brewery, a subsidiary of San Miguel Corp., is a producer of beer in Mandaluyong City, the Philippines

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