Philippines closes re-opening

The Republic claws back some lost ground at the pricing of the first international bond deal of the year from Asia and the wider emerging markets sector.

After a difficult book-build, plagued by controversy over the calculation of current account data, the Philippines managed to salvage some measure of success by the time it priced a $500 million bond yesterday Wednesday.

Conscious that it has to raise close to $4 billion from the international markets this year, the sovereign knew it was vital to make sure its first deal set the right tone for the many that will follow. Market participants are, therefore, likely...

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