The Philippines cuts costs with $2b bond

The Southeast Asian country is the first sovereign to sell a dollar bond this year, swapping its old notes with new ones as Treasury yields drop to a 1.5-year low.

The Republic of the Philippines priced a $2 billion 25-year offering early on Wednesday morning — the first Asian sovereign to do so in 2015 — beating Indonesia to it as Treasury yields continue to hover at low levels

ROP priced its US SEC-registered bond at a yield of 3 95%, around 25bp tighter than its initial price guidance area, according to a term sheet seen by FinanceAsia

As part of the country’s liability management programme, the note comes with a switch tender offer This is where the ROP offers to buy back a series of existing bonds at a specified bid price and replace them with new paper issued — a procedure that is more...

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