Philippines extends down the yield curve

The Republic of the Philippines has launched Asia''s longest-dated sovereign domestic currency bond.

What was originally expected to be a Ps2 billion 25 year transaction has been launched as a Ps5.286 billion deal on the back of strong demand and positive perceptions about domestic interest rates. Led by HSBC, with Bank de Oro as joint underwriter, the issue was priced earlier this week at par with a semi-annual coupon of 18.25%, representing a 5.75bp premium to the Republic's outstanding 20 year bond.

Pricing has come in significantly tighter than expectations of a 25bp to 55bp premium to outstanding paper. However, this largely reflected movements in underlying rates between the setting of a back-stop bid at 37.5bp over and the completion of the Dutch...

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