Philippine 10 year funds drive-by bond exchange offer
The Republic of the Philippines launched its first global benchmark bond in two years on Thursday as part of the first accelerated switch offer from an Asian sovereign.
Bookrunners Deutsche Bank, HSBC, and Standard Chartered set
guidance in the 4.5% yield area for a 10 year deal. The sovereign also offered
holders of its existing dollar bonds an opportunity to tender their notes or
exchange them for the new paper.
Unlike its previously liability management exercises, the
sovereign decided to
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