Philippines prices global peso note inside onshore curve

The sovereign returns to the global peso market after an absence of nearly two years, as it seeks to reduce dollar debt.

The Republic of the Philippines tapped the market late last week with its third global peso bond, raising Ps30.8 billion $750 million. The bond is peso-denominated but settled in US dollars, so investors are exposed to a weakening in the peso’s value.

The Philippines has been trying to lower its proportion of dollar-denominated debt for some time and will use the proceeds of its global peso note to repay expensive dollar and euro-denominated debt, particularly short-dated bonds with higher coupons.

The deal marked the Philippines’ return to the global peso market after an absence of nearly two years. Back in 2011, its global...

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