Manila's $1.5bn global bond oversubscribed

The Philippines looks set to raise as much as $1.5 billion (Dh5.5bn) from a global bond sale yesterday, with the order book in Asia alone reaching at least twice that.

Manila, rushing to be the first issuer in Southeast Asia this year, will re-open its 6.5 per cent 2020 bond and 6.375 per cent 2034 bond to raise a $1bn to $1.5bn, sources said. It has given price guidance on the re-issued 2020 bonds of about 106 cents on the dollar to yield 5.71 per cent.

Keep up with the latest business news from the region with the Emirates Business 24|7 daily newsletter. To subscribe to the newsletter, please click here.

Follow Emirates 24|7 on Google News.