Philippines achieves record low coupon

With a final order book just north of $500 million, lead manager ING Bank successfully upsized a $200 million transaction for the Republic of the Philippines yesterday (Thursday). Raising a total of $300 million, the five-year fixed rate deal was priced at 99.794% with a record low coupon of 7.5% and re-offer yield of 7.55% equating to 458bp over Treasuries.