Asia local currency deal of the year – Republic of the Philippines

Asia local currency deal of the year – Republic of the Philippines

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Issuer: Republic of the Philippines
Size: PHP44.109 billion ($1 billion, denominated in Philippine pesos, settlement in US dollars)
Date of issue: September 9, 2010
Maturity: January 15, 2021
Coupon: 4.95% (semiannual)
Yield: 5%

The inaugural global peso transaction by the Philippines in September was the first local currency-denominated offshore issuance by the sovereign, and also the first deal of its kind from any issuer in Asia. The transaction contributed to the further development of the

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