Smooth sailing for Philippines’ sovereign outing

The Republic of the Philippines has wrapped up an SEC-registered transaction, raising $2bn from Asia’s first sovereign bond of the year, with $1.25bn going towards liability management. The new issuance made the country’s outstanding bonds look relatively attractive, said analysts.

  • By Addison Gong
  • 19 Jan 2018
The Philippines has been one of the most consistent sovereign borrowers for many years. Since 2014, it has been favouring the January window to woo investors. It raised $2bn in each of 20152016 and 2017. And with its Thursday deal, the country became the first sovereign issuer ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 21.76
2 Agricultural Bank of China (ABC) 15.11
2 CITIC Securities 15.11
4 China CITIC Bank Corp 13.60
5 Industrial and Commercial Bank of China (ICBC) 10.58

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,879.80 45 8.93%
2 Morgan Stanley 8,481.96 28 7.66%
3 Goldman Sachs 8,123.16 33 7.34%
4 China Securities Co Ltd 6,118.37 18 5.53%
5 Bank of America Merrill Lynch 5,384.74 11 4.86%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,759.16 95 7.41%
2 Citi 11,327.78 69 6.58%
3 Goldman Sachs 8,568.36 34 4.97%
4 JPMorgan 8,456.82 37 4.91%
5 Bank of America Merrill Lynch 7,806.04 40 4.53%

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