Philippines prices global

Priced after a one-day bookbuild, which closed lunchtime in New York (Wednesday), the Republic of the Philippines has raised $750 million from an SEC-registered global bond offering jointly led by Credit Suisse First Boston and Morgan Stanley. Representing the country's first major dollar benchmark in nearly two years, the 15 put 10 offering appears to have caught a strong wave of demand, which led books to close at the $1.8 billion mark and enabled pricing to come 12.5bp through initial guidance at the 450bp level.