After a confused and heavily criticised start to its 2004 funding programme, the Republic returned to the market yesterday Tuesday with a well-considered tap of its 2011 and 2014 bonds. The Philippines has been the star performer of the Asian bond markets over the past month as investors start to factor in the possibility of an Arroyo victory in the country's Presidential elections.
Having waited for a 100bp of spread tightening before making its move, the sovereign looks like it might have cleverly timed the top of the rally and investors must be asking themselves how much upside is still left. Raising a total of $400 million, the fundraising was split into two...
