Attesting to its position as the leading firm for Philippines capital markets transactions, Milbank LLP’s Hong Kong Capital Markets practice recently advised on 11 debt issuances for Philippine issuers raising over US$4 billion in the last five weeks. The high volume of transactions demonstrated the Philippines’ strength as one of the few Asian jurisdictions with significant capital markets activity amidst general market volatility in light of the COVID-19 pandemic.
Each of the transactions were executed on tight timelines due to both pending earnings releases for the second quarter as well as concerns that any renewed wave of COVID-19 infections could result in decreased investor appetite and a prolonged market softening. The issuances spanned a wide range of sectors, including shipping and logistics, water, telecommunications, banking, finance and real estate. The issuers ranged from Philippine blue-chip companies, the country’s largest financial institutions, to other emerging players in the Philippine market.
All of the transactions were led by Milbank’s Hong Kong office managing partner, James Grandolfo, and capital markets partner Paul Pery, together with Hong Kong associates Cheyne Cudby, Ari Singzon and York Wu, as well as Singapore associates Steven Holm and Raashi Mukherji. Support from London was provided by partners James Warbey and John Goldfinch, as well as associates Klaudia Mach, Chris Burke, Alexandra Wells, Claire Bridcut, James Seddon and Steve Quinn.
Mr. Grandolfo said: “We are extremely proud to have the confidence and trust of so many clients doing business in the Philippines, including corporations, banks, and domestic and foreign underwriters. The impressive number of successfully closed transactions confirms Milbank’s position as the go-to firm for Philippines capital markets transactions and demonstrates the benefits of our expanded capabilities to Philippine issuers and underwriters as they return to the international market.”
Mr. Pery commented: “Despite travel and economic restrictions, as well as country-wide lockdowns, the Philippines has shown itself to be one of few resilient jurisdictions for market activity in Asia during the first half of 2020, and these transactions demonstrate the continued investor confidence in the Philippine market.”
