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

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

Philippines_PAImages_29April
Philippine fans waves flag while the athletes and team officials march in during the opening ceremony of the 30th Southeast Asian Games at the Philippines Arena, Bulacan in Manila, Philippines, 30 November 2019. The 30th Southeast Asian Games kicked off at the Philippines Arena, Bulacan in Manila, Philippines, 30 November 2019. (Photo by Wong FL - Imaginechina/Sipa USA) | Imaginechina/SIPA USA/PA Images

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.

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