In a deal that further burnishes its reputation as an issuer with astute timing, the Republic of the Philippines ROP closed its dollar bond early Tuesday morning, ahead of Indonesia’s expected deal.
The sovereign launched and priced its punchy $1.5 billion 15-year global bond close to a week after finalising a mandate. The deal gathered a solid $6.5 billion order book from 280 accounts and initially traded up a quarter of a point. It was quoted at a 99.495 reoffer yesterday afternoon.
The benchmark deal could help to reopen the market with a few issuers already announcing non-deal roadshows, including Citic Pacific in a deal arranged by...
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