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...