Philippines breaks down euro investors

The Republic makes further inroads with the euro investors - at a price.

An increased Eu500 million $442 million five-year deal was priced in London last night Wednesday, with over 60% of investors said to be new to the credit. Led by Deutsche Bank, Salomon Smith Barney and UBS Warburg, the deal was increased from an original target of Eu250 million, with pricing coming at 99.865% on a coupon of 9.375% to yield 9.41%. In spread terms, this equates to 525bp over Bunds and 500bp over euribor, the tight end of the...

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