Philippines Sells 5.5-Year, 10-Year and 2051 Bonds as Lower Costs Open Funding Window
Updated
Updated · Bloomberg · Jun 16
Philippines Sells 5.5-Year, 10-Year and 2051 Bonds as Lower Costs Open Funding Window
2 articles · Updated · Bloomberg · Jun 16
Summary
The Philippines returned to the international bond market for a second time this year, launching 5.5-year and 10-year notes and reopening its January 2051 bond to fund state spending.
Initial price guidance was about 85 basis points over Treasuries for the 5.5-year tranche and 125 basis points for the 10-year paper, while the 25-year reopening carried an indicative yield near 6.1%.
The sale was timed to falling borrowing costs, with optimism over a potential US-Iran agreement improving market conditions for sovereign issuers.
The bonds are expected to be priced later Tuesday, extending Manila's use of offshore markets to secure financing as conditions ease.