Investors dump Philippines’ long duration peso
The Republic of the Philippines’ 25 year global peso bond plummeted in the secondary market this week. Investors dumped the paper after a fall in the currency and increasing fears over its long duration.
The sovereign raised Ps54.77bn ($1.25bn) at the start of January from a 25 year deal that was priced at par with a 6.25% coupon. But on Wednesday the bonds were trading as low as 92.5, according to a fund manager, equivalent to a yield of around 6.9%.
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.