Philippines goes long with third bond of year

22 Oct 2009

The Republic of the Philippines priced its third global bond of the year late last Friday (October 16), taking advantage of growing demand for long-term paper to fund a widening budget deficit with another swiftly-executed deal.

The $1bn bond due 2034 was announced and priced within 24 hours after drawing orders worth over $5bn, allowing Ba3/BB-/BB rated Philippines to build on its reputation for quick and smoothly-executed new issues.

The new bonds mature on October 23, 2034, and were priced at the tight end of ...

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