Philippines' hot tap

Republic pays up, but is able to secure large order book.

The Republic of the Philippines took advantage of a market window late on Monday to raise $750 million from a tap of its 8.875% March 2015 bonds and 9.5% February 2030 bonds. Both tranches were considered a success by the market after attracting respective order books of $1.4 billion and $2.2 billion, plus the renewed participation of real money accounts.

However in order to draw the investors back, the B1BB-BB rated credit realized it needed to be relatively generous with pricing. It consequently priced both taps at a higher discount than the half dozen or so taps it completed in 2004.

The 2015 bonds...

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