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Philippines taps long end of dollar market with $1 billion bond

The Republic of the Philippines brings the second Asian sovereign in 24 hours and its third dollar bond this year.

The Republic of the Philippines priced a $1 billion dollar bond late Friday Hong Kong time, at the end of a hectic 24 hours in the Asian bond markets, which saw the completion of three other benchmark-sized deals -- a sovereign from Sri Lanka, the largest Asian high-yield in more than a year from Indonesia's Adaro Energy, and another Korean offering from Korea Expressway.

The deluge of offerings had seemingly no impact on investor demand, however, with each of the deals being well subscribed.

The Philippines bond -- the country's third dollar-denominated deal this year -- attracted over $5 billion of demand and more than 200 accounts, and around the time of the Asian...

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