Philippines achieves record low coupon

Declining Treasury yields allow the Republic to lock in low cost borrowing despite wide spread levels.

With a final order book just north of $500 million, lead manager ING Bank successfully upsized a $200 million transaction for the Republic of the Philippines yesterday Thursday. Raising a total of $300 million, the five-year fixed rate deal was priced at 99.794% with a record low coupon of 7.5% and re-offer yield of 7.55% equating to 458bp over Treasuries.

After its two large benchmark offerings earlier this year, the new deal sees the...

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