In the wake of the sale of the largest-ever bond from the Republic of Indonesia, regular issuance running mate, the Republic of the Philippines, was not to be outdone.
At the end of April, it sold a $2.35 billion double-tranche 10-year and 25-year bond which was snapped up particularly by US investors who were hungry for the yield from emerging sovereign paper.
Books that hit more than $9 billion allowed pricing to come in dramatically for joint bookrunners Citigroup, Credit Suisse, Goldman Sachs, Morgan Stanley, Standard Chartered and UBS.
That demand also meant that the traditional new issue premium for the deal...
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