The Philippines curious debt exchange

The Republic concludes a liability management exercise that leaves many market participants baffled.

The Republic of the Philippines completed a sovereign debt exchange on Friday, accepting $1.2 billion of bonds tendered and issuing a new $1.3 billion global offering with a seven-year maturity.

Critics of the exchange had two main issues. Firstly, a number could not understand why the sovereign was doing an exchange offering at all. Given the large amount of funding it needs to raise in a year of heightened political risk, should it not be more mindful of...

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