Philippines’ tack on $2.35bn bond wins over investors at tight levels

By Morgan Davis
29 Apr 2020

The Republic of the Philippines printed one of its largest bonds on record this week at exceptionally tight levels, taking $2.35bn from a dual-tranche deal. The sovereign gave investors what they wanted: long tenors, attractive initial pricing levels and full clarity on the impact of Covid-19 on the country, writes Morgan Davis.

Before Baa2/BBB+/BBB rated Philippines hit the market on Monday, there was some debate as to whether it should designate its bond proceeds for Covid-19 response measures, said a syndicate head on the deal.

This question was understandable as the country has had more than 7,700 confirmed cases of ...

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