BSP increases bond (again)

For the second time since it launched a $350 million deal in late October, the Philippines central back has returned to the international bond markets, increasing the original transaction to $550 million.

Taking advantage of the momentum in the credit markets and a strong retail bid, the Bangko Sentral ng Pilipinas BSP added another $150 million to its 9% November 2005 transaction yesterday Monday. With JPMorgan as sole lead manager, the BBBa1-rated credit priced the new line at 100.125% to yield 8.96% or 480bp over Treasuries.

The key to the success of the overall deal is that the BSP has achieved risk free execution, one banker comments. With...

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