PLDT, Globe Telecom voted top RP credits in survey

A recent global survey has voted telecommunications industry leader Philippine Long Distance Telephone Co. (PLDT) and mobile communications service provider Globe Telecom as the top Philippine credits among Asian dollar fixed income investors.

Bond investors are putting a premium on corporate governance in the same way that the issue has gained increasing currency among equity investors, a landmark Asset Benchmark Survey released this week showed. They noted that transparency of financial reporting and the competence of management are key investment criteria.

In the same survey, PLDT and Globe Telecom, which are among the most sought-after issuers, have been voted among the top 30 best credits in Asia.

The survey conducted by Asset Benchmark Research, the research division of Asset Publishing and Research, involved interviews with 200 fixed income investors globally active in the Asian dollar bond market. They manage in excess of $75 billion of Asia Pacific fixed-income assets.

This is the largest survey of fixed income investors active in the Asian dollar bond market ever conducted.

PLDT and Globe tied for first, followed by the sovereign issuer, Ayala Corp., and CE Casecnan Water and Energy Co.

The top five best credits in Asia were Hutchison Whampoa, followed by Petronas of Malaysia, which came in second this year; Korea Development Bank and two Singapore credits, DBS Bank and Singapore Telecoms. – Mary Ann Reyes