ROP pays dearly for Poe comments

The Republic of the Philippines pays up to cushion itself against the possibility of a difficult post election funding environment.

The Republic of the Philippines returned to the international bond markets for the second time this year on Wednesday, raising $500 million from a 10-year global.

Under the lead management of Credit Suisse First Boston, HSBC and UBS, the Ba2BB rated credit priced its deal at 99.138% on a coupon of 8.875% to yield 9%. This equated to 528bp over Treasuries or 487bp over Libor. Fees amounted to just 7bp.

Market participants concluded the...

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