The $500 million seven-year bond issue for Napocor International Finance Trust, the soon-to-be-privatized Filipino National Power Corporation, had already attracted a lot of criticism before it was put on hold for the second time on February 4. Much of this stemmed from the issue’s structure, variously described as “innovative” or “ill-conceived”, depending on whom you ask.
The deal was initially intended for the fourth quarter last year but was delayed amidst poor market conditions following the attacks on the World Trade Centre in New York.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
