Philippines first off mark with $1.5 billion deal

The Republic of the Philippines has once again leaped straight out of the gates to issue Asia's first sovereign bond in 2010. The sovereign raised $1.5 billion on Wednesday through a dual-tranche SEC-registered deal that was jointly arranged by Barclays Capital, HSBC and Deutsche Bank. The 10-year tranche attracted $5.3 billion worth of demand from 215 orders, while demand for the 25-year tranche amounted to $4.6 billion split across 205 orders.

The deal was a reopening of two securities that were initially sold in January and October of last year and comprised $650 million of 6.5% bonds maturing in January 2020 and $850 million of 6.375% bonds maturing in October 2034. The new...