GLOBE Telecom, Inc. and San Miguel Corp. (SMC) — on a standalone basis — have sufficiently hedged their US dollar (USD) debts, according to financial research firm CreditSights, Inc.
PLDT, Inc. has substantially hedged its 2031 USD bond, although all of its hedges are currently “out of the money.”
“The Philippine companies… have not fallen into distress due to foreign exchange problems, since these companies are owned and supported by large, long-standing conglomerates.” Meanwhile, diversified conglomerate SMC, whose 74% of revenues are in PHP and a substantial portion of costs are in USD, has hedged 88% of its $500-millon bond with cross currency swaps and call spread options.“However, SMC’s USD debt issuing subsidiaries Petron and SMC Global Power have significantly inadequate USD debt hedging measures in place,”Oil and gas company Petron, whose 13% of revenues and 53% of costs are in USD, has hedged 4% of its $2.
Finance website Investopedia defines market perform as a “neutral assessment of a stock and is neither strongly positive nor negative.”
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