Philippines global peso bond plummets as investors dump duration
The Republic of the Philippines’ most recent global peso bond has plummeted in the secondary market, after investors dumped their bonds in reaction to a fall in the currency — as well as increased skepticism among international investors about long maturity debt.
The sovereign raised Ps54.77bn ($1.25bn) at the start of January from a 25 year deal that priced at par with a 6.25% coupon. But the bonds were trading as low as 92.5 on Wednesday, according to a fund manager, equivalent to a yield of around 6.9%.
The coupon and
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