the-philippines-returns-with-750-million-deal

The Philippines returns with $750 million deal

Clearly defined terms and a strong domestic bid allow the sovereign to price its second international bond issue this year flat to the curve.

The Philippines returned to the Asian bond market on Monday to raise another $750 million towards its gaping budget shortfall, and as expected, investors rallied around and allowed it to price tight.

The offering was supported by a significant rally in US equities during the final hours of marketing, which gave investors the confidence to buy despite a sharp contraction in credit spreads over the past few months. It also helped that the sovereign set clearly defined terms which it stuck to throughout the marketing. During the final few hours of the bookbuilding investors even had a fixed yield as a reference point for their investment decisions.

It went out with a finite size and...

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