The Republic of the Philippines has issued a e500 million ($444 million) bond, increased from an original target size of e250 million, maturing in December 7 2006. The issue was priced at 99.865% with a coupon of 9.375% and a yield of 9.41%. The spread over euribor is 500 basis points. Deutsche Bank, UBS Warburg and Salomon Smith Barney acted as lead managers.
Despite having said that it would not borrow further this year, the government is issuing this debt to help refinance the state-owned National Power Corporation (Napocor).
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