Philippines Sells $2.35 Billion of Bonds as It Fights Pandemic
- Sovereign raised funds in a two-tranche dollar-bond offering
- Emerging nations are selling record amount of foreign debt
A member of the Philippine Army takes the temperature of a passenger of a taxi, traveling into Metro Manila.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippines raised $2.35 billion in a bond sale, becoming the latest emerging nation to pay up for funds as governments seek to shield their economies from the coronavirus pandemic.
The Southeast Asian nation, which is facing its worst deficit ratio in two decades, issued the securities in two parts. The 10-year notes were priced to yield 180 basis points over Treasuries, up from 110 basis points when it sold a similar note in January of last year.