The telecom giant’s $650 million deal opens the market for more locals to raise debt, following deals from financial institutions and government entities.
for investors weighing corporate debt deals because the company’s leverage of 1.8 times debt to earnings is below the roughly two times average for A-rated, Asian-headquartered telcos like Optus owner Singtel, Bloomberg data showed.Advertisement
Next up, development banks including Germany’s KfW and the Canadian Pension Plan Investment Board, among other overseas borrowers, tapped the Kangaroo bond market for their own foreign currency exposure. “In the last 12-18 months, the loan market provided liquidity. What we are seeing now is a shift back [to raising capital through bonds] thanks to stability in the market.”Like many corporate bond issuers, utilities across the energy and telecom space have largely avoided the debt capital markets in the past 18 months thanks to capital raises done at the height of the coronavirus pandemic.
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