Sovereign Debt

Philippines succeeds with opportunistic benchmark bond

With its third bond issue this year, the sovereign captured a favourable market window and is seen as unlikely to return in early 2021.
Elevated, night view of Makati, the business disctrict of metro Manila
Elevated, night view of Makati, the business disctrict of metro Manila

A successful and opportunistic third visit to the capital markets this year from the Republic of the Philippines could mean that investors are unlikely to see the issuer in its regular slot in early January.

Last week's $2.75 billion bond was made up of a $1.25 billion 10.5-year tranche at 1.648%, or US Treasuries plus 70 basis points, and a $1.5 billion 25-year tranche at 2.65%. This made the bond the largest from the Republic this year.

In January, the country sold a 1.2 billion $1.3 billion two-tranche bond a 600m zero-coupon three-year bond at mid-swaps plus 40bp, and a 600m 0.7% nine-year at mid-swaps plus 70bp....

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