Philippines revives EM with liability exercise

The sovereign locks in low long-term US Treasury rates and cleans up its maturity curve with a highly successful and wide-ranging switch and tender into a new 25-year deal.
Rising credit
Rising credit

The Republic of the Philippines cemented its status as the darling of the emerging market bond universe overnight on Wednesday with the completion of a wide-ranging accelerated switch and tender into a new 25-year SEC-registered deal.

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