“Differentiation” was a much-used word as investment bankers pitched the Philippines story to European investors in February. The marketing-speak succeeded in placing $350 million of Republic of the Philippines bonds, giving the country the distinction of being the first Asian sovereign to issue a euro-denominated bond.
Investors still required a fair bit of convincing, though – and a pretty attractive spread – to take on the sub-investment-grade paper. Much of the sales pitch was an education process for investors unfamiliar with the Philippines credit, said bankers close to the deal, but nevertheless there are plenty of pointers that the republic has managed to buck the trends of the rest of region and really does have its own story to tell.
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