Philippines completes 2004 pre-funding

The Republic takes advantage of strong momentum to raise double expectations on miniscule fees.

The Republic of the Philippines raised $1.05 billion last night Thursday after pricing an increased tap of its January 2014 bond and surprising the market with a re-opening of its March 2025 bond. Both deals caught a strong wave of buying interest, developed good momentum and appeared to be smoothly executed.

Yet it is likely to be the fees, which will linger in the market's memory, since both taps set new record lows for a public bond deal out of Asia. Fees for the 2025 tap were set at 10bp and at a mere 6bp for the 2014 tap. This marks half the level JPMorgan received for a Philippines sovereign deal just...

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