Philippines taps 2017 bond

Republic returns to the dollar debt markets with a new deal ahead of the President''s inauguration.

The Republic of the Philippines took its $750 million January 2017 bond up to the $1 billion mark yesterday Tuesday with a $250 million tap led by JPMorgan.

The deal was priced at 100.25% to yield 9.326% or 461bp over Treasuries. Fees were 15bp.

News of the deal saw the existing 9.375% bond puttable in 2012 drop one-and-a quarter points. investors will undoubtedly be hoping spreads spring back today after Arroyo is re-confirmed as President and makes a landmark speech opening her second term.

The bond's performance will also be dictated by the market's reaction to the FOMC meeting in the US...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222