Non-core Currency: San Miguel Brewery

Issuer: San Miguel Brewery
Size of deal: PHP38.8 billion
Date of issue: Mar 16, 2009
Maturities: Apr 3, 2012, Apr 3, 2014, Apr 3, 2019
Pricing: 250bp over government bonds (8.25% 2012 PHP13.59 billion, 8.875% 2014 PHP22.4 billion, 10.5% 2019 PHP2.81 billion)

Bookrunners: HSBC, Development Bank of the Philippines

San Miguel Brewery tested the depth of the Philippines’ domestic debt capital market in March 2009 through the issue of a record-breaking PHP38.8 billion of bonds. The mammoth transaction was