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

Philippines_PAImages_29April
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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