BSP returns to bond markets

The Philippines government has made its first quasi-bond offering of the year, launching a $130 million FRN via JPMorgan.
In a relatively rare sighting for the region's bond markets post crisis, an Asian FRN has been launched by the Bangko Sentral ng Pilipinas BSP. The two-and-a-half-year deal is also unusual in having secured pricing inside the notoriously competitive bank market, where the BSP normally procures its annual fundraising quota. 

Critics would testify that despite the deal being Reg S and listed, it is no more than a dressed-up syndicated loan that benefits the bookrunner the most because it will be league table eligible. Lead officials, on the other hand, say that pricing inside the bank market results from the ...

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