The Philippines joins premier league of emerging-market sovereigns

HSBC's Stephen Williams explains why the Philippines stands out for establishing a borrowing strategy that has been steadily refined during the past decade.

The Philippines joins premier league of emerging-market sovereigns
Stephen Williams

Bankers covering the Republic of the Philippines RoP know not to take long Christmas holidays, that is, if they want to pitch for what is usually Asia's first international bond each year. In eight of the last nine years, the RoP has issued benchmark-sized US dollar transactions, and funded a large portion of the coming year's offshore funding requirements, before the Christmas decorations have come down on Ayala Avenue. In issuing early, and in executing well-judged transactions, the...

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