At last: a bond deal for Napocor

A Y61.75 billion ($500 million) twin tranche issue for Psalm (Power Sector Asset Liabilities Management Corp) was priced last night by Nomura. The deal carries guarantees from both the Republic of the Philippines and Asian Development Bank (ADB) and marks the first co-financing for a Philippines credit in Yen since a Nexi deal for the sovereign last December.