Philippines beats Indonesia with $1.5 billion bond sale

The Republic of the Philippines early yesterday morning priced a deftly executed $1.5 billion 15-year bond, getting its timing right.

In a deal that further burnishes its reputation as an issuer with astute timing, the Republic of the Philippines ROP closed its dollar bond early Tuesday morning, ahead of Indonesia’s expected deal.

The sovereign launched and priced its punchy $1.5 billion 15-year global bond close to a week after finalising a mandate. The deal gathered a solid $6.5 billion order book from 280 accounts and initially traded up a quarter of a point. It was...

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