The Philippines’ capital markets have started 2006 positively. Capitalizing on the immediate strength of the peso, the Republic of the Philippines was Asia’s first sovereign to tap the market when it raised $2.1 billion from a $1.5 billion 25-year bond and a €500 million 10-year bond, one of the largest fund raisings from Asia for several years.
The deals, led by Citigroup, Credit Suisse, Deutsche Bank and UBS, were both well received since the economic prospects for Asia’s perennial underachiever have brightened somewhat.
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