Philippines revives EM with liability exercise

The sovereign locks in low long-term US Treasury rates and cleans up its maturity curve with a highly successful and wide-ranging switch and tender into a new 25-year deal.
Rising credit
Rising credit

The Republic of the Philippines cemented its status as the darling of the emerging market bond universe overnight on Wednesday with the completion of a wide-ranging accelerated switch and tender into a new 25-year SEC-registered deal.

The Baa2BBBBBB- rated credit succeeded on a number of fronts, not least in overcoming choppy markets and choosing a stable day to complete Asia's first sovereign G3 bond of 2016 and the world's first sovereign long bond of the year. 

More importantly, the Philippines has now been able to clean up and extend its maturity profile, as well as lock in low long-term rates at...

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