Philippines walks across the finishing line

A few days later than expected, the Republic manages to price a $500 million global bond.

Lead managers HSBC, Salomon Smith Barney and UBS Warburg priced a new dollar 10-year for the Republic of the Philippines after New York's open Monday raising a further $500 million for the embattled borrower.

Pricing came at 99.205% on a coupon of 9% to yield 9.125% or 507bp over Treasuries. This was in line with expectations on Friday when the deal was delayed because of erroneous reports that Finance Secretary Jose Camacho had resigned. The only additional sweetener...

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