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.


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