Philippines closes $1.3bn tender, new deal will wait

By GlobalCapital
17 Oct 2011

The Republic of the Philippines has bought back more than $1.3bn of its outstanding bonds, after closing a tender offer that covered some 16 deals at the end of last week. The sovereign is still mulling when to launch a $2bn international bond package, but it is unlikely to make an attempt before the end of the month.

The sovereign offered investors holdings 16 of its outstanding bonds the chance to take some money out of the market amid recent volatility, and said it was prepared to buy back as much as $1.5bn of bonds. But after an improvement in secondary markets last week, investors did ...

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