Philippines launches dollar bond

A real deal from the Philippines as ING Groep opens books for a $200 million five-year transaction.

Pricing of the fixed rate reg S offering will take place later today Thursday following a two-day marketed period which began after Asia's close on Tuesday. For both bankers and potential issuers, the deal's reception should provide a useful barometer of investor sentiment following the summer lull, a great deal of negative commentary concerning the Philippines failure to meet its budget deficit targets and a series of phantom transactions from the country.

Demand is believed to have been surprisingly strong in what is being attributed to a manageable issue size, the resilience of the Asian bid and trajectory of current spread levels. Some commentators, for example, are now arguing that spread widening of over...

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