Asia’s top borrowers are increasingly able to secure the funds they need as investor demand for debt returns. However, their concern to make sure the deals sell smoothly in choppy markets means they are having to offer bonds with high yields and work harder to make sure those bonds are sold. When San Miguel Brewery raised Ps38.8 billion ($800 million) in a Philippine record for a corporate issuer on March 16, the deal was led by two banks – HSBC and Development Bank of the Philippines – and underwritten by a further eight companies.
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