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 Baa2BBBBBB 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,...

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