philippines-opens-the-asian-bond-market

Philippines opens the Asian bond market

A neat $1.5 billion trade from the Philippines has shown the way for other borrowers with plans to raise money in today's market.
Asia's dollar bond markets are open again thanks to a $1.5 billion sovereign bond offer by the Philippines, which needs the cash to help pay for an economic stimulus package.

Benchmark bond deals by the Philippines have become a familiar feature of the new year in recent times and the early-bird approach seems to have paid off once again. Thanks to its shelf registration with the Securities and Exchange Commission SEC in the US, the sovereign was able to move quickly to take advantage of a perhaps brief window of brighter investor sentiment.

The 10-year bonds were priced at 99.158, which gives investors a yield of 8.5% û equivalent to a spread of 599.9bp...
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