ROP pays dearly for Poe comments

The Republic of the Philippines pays up to cushion itself against the possibility of a difficult post election funding environment.

The Republic of the Philippines returned to the international bond markets for the second time this year on Wednesday, raising $500 million from a 10-year global.

Under the lead management of Credit Suisse First Boston, HSBC and UBS, the Ba2BB rated credit priced its deal at 99.138% on a coupon of 8.875% to yield 9%. This equated to 528bp over Treasuries or 487bp over Libor. Fees amounted to just 7bp.

Market participants concluded the...

To continue reading, please login or register for free

Click for more on: rop | pays | dearly | poe | comments

Print Edition

FinanceAsia Print Edition