Philippines achieves lowest coupon for 25-year bond

Not to be outdone, the Philippines locks in long-term funding with a $1.5 billion 25-year bond.

Philippines achieves lowest coupon for 25-year bond

True to its usual style of being the first out the gates, the Republic of the Philippines on Thursday morning priced a $1.5 billion 25-year global, securing the lowest coupon it has achieved for a long-dated bond.

Priced at par and offering a coupon of 5%, the sovereign was able to lock in ultra competitive funding, especially in contrast to its European sovereign peers that are struggling to raise funds. The Philippines is rated Ba2...

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