Philippines achieves lowest coupon for 25-year bond

True to its usual style of being the first out the gates, the Republic of the Philippines on Thursday morning priced a $1.5 billion 25-year global, securing the lowest coupon it has achieved for a long-dated bond.

Priced at par and offering a coupon of 5%, the sovereign was able to lock in ultra competitive funding, especially in contrast to its European sovereign peers that are struggling to raise funds. The Philippines is rated Ba2BBBB by Moody’sStandard Poor’sFitch.

“If you look at where markets are at the moment, I’d say it’s pretty compelling pricing for a 25-year bond,” said one person familiar with...