In early November, the Asian Development Bank ADB issued its maiden Philippine Peso bond. The triple-A rated supranational raised Ps2.5 billion from a zero coupon five-year deal came with an issue price of 65.31% and yield of 8.8%. This represented a spread of about 210bp below government bond yields.
How important was timing this deal to catch favourable market conditions
Because of the relatively small size of the deal, we had full flexibility regarding the timing of the issue. Fortunately, when the deal did come to market, the market was wide open for ADB because there were no other issues in the market. But in actuality the...
