Philippines begins buyback after peso return

16 Nov 2012

The Republic of the Philippines returned to the global peso bond market last week, bringing in the money it needs to buy back a swathe of outstanding bonds.

The transaction is unlikely to spark synthetic deals from other sovereigns but issuance from Philippine corporations is possible, said bankers.

Bookrunners Credit Suisse, Deutsche Bank and HSBC sold a 10 year global peso deal worth $750m (Ps30.8bn) for the sovereign on November 9. The bond is denominated in dollars, ...

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