The Republic of the Philippines took advantage of a market window late on Monday to raise $750 million from a tap of its 8.875% March 2015 bonds and 9.5% February 2030 bonds. Both tranches were considered a success by the market after attracting respective order books of $1.4 billion and $2.2 billion, plus the renewed participation of real money accounts.
However in order to draw the investors back, the B1BB-BB rated credit realized it needed to be relatively generous with pricing. It consequently priced both taps at a higher discount than the half dozen or so taps it completed in 2004.
The 2015 bonds...
