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%.
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