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Philippines first off mark with $1.5 billion deal

The Republic of the Philippines opens the Asian bond market in 2010 with a $1.5 billion tap of two existing lines.

The Republic of the Philippines has once again leaped straight out of the gates to issue Asia's first sovereign bond in 2010. The sovereign raised $1.5 billion on Wednesday through a dual-tranche SEC-registered deal that was jointly arranged by Barclays Capital, HSBC and Deutsche Bank. The 10-year tranche attracted $5.3 billion worth of demand from 215 orders, while demand for the 25-year tranche amounted to $4.6 billion split across 205 orders.

The deal was a reopening of two securities that were initially sold in January and October of last year and comprised $650 million of 6.5% bonds maturing in January 2020 and $850 million of 6.375% bonds maturing in October 2034. The new...

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