Philippines prices through its own Treasury curve

HSBC helps the government save $11 million in interest payments.

Using a Dutch auction process, the Republic of the Philippines raised Ps11.2 billion ($216 million) earlier this week from the domestic bond market. The HSBC-led auction differed from standard practise, however, as Government Securities Eligible Dealers (GSEDs) were required to bid through the government curve to win paper.

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