Globe Telecom: Dominating the local telecommunications industry

Given the overall level of yields, we look for bonds with good relative value for additional yield pickup. We see opportunity in the Philippine telecommunications Industry, led by the PLDT-Smart and Globe, which has seen their bonds trade incongruently with their market positioning.

For QIBs looking for high-yield placements, we shine a spotlight on GLOPM 2.5 30.

Bond Details:

Globe has a leading market position in a non-cyclical industry, an improving credit profile, and bonds trading relatively cheap to its peer. We view GLOPM 2.5 30 as an attractive high-yield addition to a diversified fixed income portfolio.

Credit Highlights:

1. Globe is a legacy player in the Philippine telco industry with decades of expertise and leading capital investments.
   
   – The Philippine telco industry has been