Philippines sells $1.5b bond as US rate hike fears ebb

On the back of a buoyant market, Manila doubled what it raised from a similar dollar bond sale in 2018 and was the year's first Asia sovereign borrower out of the blocks.

The Republic of the Philippines took advantage of a constructive credit market environment to complete Asia’s first sovereign G3 bond of 2019 on Monday, pricing its 10-year US dollar bond offering at a time when US Treasury yields are near their lowest levels in nine months

The Baa2/BBB/BBB rated sovereign continued its recent practice of tapping the international bond market in the first two months of the year Unlike in previous years, though, it did not conduct a concurrent tender offer for some of its outstanding bonds

Manila will likely be satisfied it was able to raise $1 5 billion from the new issue, which was towards the higher end of the $500-million-to-$2-billion fundraising target announced late...

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