Philippines taps 2017 bond

Republic returns to the dollar debt markets with a new deal ahead of the President''s inauguration.

The Republic of the Philippines took its $750 million January 2017 bond up to the $1 billion mark yesterday Tuesday with a $250 million tap led by JPMorgan.

The deal was priced at 100.25% to yield 9.326% or 461bp over Treasuries. Fees were 15bp.

News of the deal saw the existing 9.375% bond puttable in 2012 drop one-and-a quarter points. investors will undoubtedly be hoping spreads spring back today after Arroyo...

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