Philippines and Stats ChipPac usher in new year with style

The Republic of the Philippines prices its Ps54.7 billion 25-year peso global, while Stats ChipPac kicks off the high-yield market with a $200 million bond.

The Republic of the Philippines RoP early yesterday morning priced its Ps54.7 billion $1.25 billion 25-year peso global bond. The coupon was the lowest ever achieved by the Philippine sovereign for a long-dated bond issue, an outcome which is remarkable given that it was done in its local currency.

The deal further indicates that there is an alternative investor pool that wants exposure to the synthetic peso and will help the sovereign to reduce its US dollar...

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