Philippines global bond priced

The Republic increases issue size to $750 million following strong demand.

The Republic of the Philippines entered the international bond markets on behalf of Napocor last night Tuesday with an increased $750 million bond issue. The deal appeared to enjoy one of the most straightforward executions of a sovereign bond in recent months, with the government's smooth passage to market providing a striking contrast to the travails of its electricity utility just one week ago.

Books closed shortly after New York's open five times oversubscribed at the original issue size of $500 million, prompting a swift increase to $750 million. Under the lead management of Citigroup, Deutsche Bank and JPMorgan the 10.5-year deal was priced at the tightest end of an indicative yield...

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