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 later today Since a 25bp hike has already been priced...

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