PH Digest: Nomura exits brokerage venture; Jollibee to issue $600m notes

Manila Bay, Manila, Philippines. Photo: Eugenio Pastoral/unsplash

Philippine-listed bank BDO Unibank has agreed to buy out the stake of its stock brokerage partner Nomura while Jollibee Foods Corporation is offering $600-million US-dollar denominated notes.

Japan’s Nomura exits BDO stock brokerage venture

Japanese financial services giant Nomura Holdings is exiting its local stock brokerage venture with listed bank BDO Unibank after a four-year collaboration. Financial details of the deal were not disclosed.

In a statement, BDO Unibank said it has agreed to buy out Nomura’s entire holdings in the JV. BDO owns 51 per cent of BDO Nomura while the Japanese investor holds the remaining 49 per cent. Both firms did not give the reason for Nomura’s exit.

The original BDO-Nomura joint venture arrangement was inked in January 2016. BDO Nomura, formerly PCIB Securities, started operations under the partnership in October 2016.

BDO said the deal will enable it to consolidate its securities brokerage business into BDO Securities Group, which is being reorganised into a full-service brokerage firm with an expanded product offering to include non-equity securities.

Jollibee to issue $600m senior notes

Philippine-listed fast-food chain Jollibee Foods Corp announced that it will be issuing $600 million worth of 5.5 and 10-year US dollar-denominated guaranteed senior notes.

Jollibee disclosed that the $300-million 5.5-year and $300-million 10-year Reg S only dual-tranche guaranteed senior notes will be offered at a coupon rate of 4.125 per cent and 4.750 per cent, respectively, which will be payable semi-annually.

Proceeds of the offering will serve as a precautionary measure for the unforeseen eventualities that may be caused by the COVID-19 pandemic, as well as for other general corporate purposes, the company told the Philippine Stock Exchange. Jollibee said it has sufficient cash, about $522.3 million as of March 31, and liquidity to support its operations on a continuing basis and meet all its obligations.

The company earlier announced that it is spending 7 billion pesos ($138 million) for a sweeping global business restructuring, including the establishment of cloud kitchens, triggered by the coronavirus pandemic.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.