The Republic of the Philippines entered the international bond markets on behalf of Napocor last night Tuesday with an increased $750 million bond issue. The deal appeared to enjoy one of the most straightforward executions of a sovereign bond in recent months, with the government's smooth passage to market providing a striking contrast to the travails of its electricity utility just one week ago.
Books closed shortly after New York's open five times oversubscribed at the original issue size of $500 million, prompting a swift increase to $750 million. Under the lead management of Citigroup, Deutsche Bank and JPMorgan the 10.5-year deal was priced at the tightest end of an indicative yield...
