Philly - first out of the gates

Republic of Philippines makes it four years in a row with a new $2.1 billion blow-out deal.

For the fourth year running the Republic of the Philippines has become the first Asian sovereign to tap the new year's Asian debt capital markets. In doing so, the ROP is treading a well worn path of coming to the debt market during the first two weeks of the year in order to take advantage of the plentiful liquidity available in January when investors are at their most fresh.

The new $2.1 billion deal is a record breaker for the country and was priced in New York on Wednesday afternoon January 4 under the lead of Citigroup, Credit Suisse First Boston, Deutsche Bank and UBS. The large size was not...

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