Phils completes well received tap

The Republic of the Philippines created a more liquid euro-denominated benchmark yesterday (Tuesday), adding a further Eu350 million to its Eu300 million 9.125% February 2010 bond. Under the lead management of Credit Suisse First Boston and Deutsche Bank, the Ba2/BB rated credit also managed to secure its most aggressive pricing so far this year, completing the deal at a 1% discount to secondary levels.