PH bond issue nets $3B from offers worth $25B

MANILA, Philippines --- The Marcos administration returned to the global bond market just three months after its debut in October 2022 with a "blockbuster" three-tenor issuance, raising $3 billion --- substantially more than the target amount. The Philippines is borrowing $500 million through 5.5-year bonds at a cost of 4.743 percent; $1.25 billion through 10-year bonds at 5.001 percent; and $1.25 billion through 25-year bonds at 5.5 percent. The prices represented spreads over benchmark US securities of 105 basis points or 1.05 percentage point for the 5.5-year tranche and 145 bps or 1.45 ppt for the 10-year tranche. Joint bookrunner BofA Securities said in a statement the ...

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