Deals of the Year 2012: Republic of Philippines
|Republic of the Philippines|
|Size||$1.5 billion and Ps30.8 billion new global peso notes|
|Joint global coordinators||Credit Suisse, Deutsche Bank, HSBC|
|Joint bookrunners||Citi, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Standard Chartered, UBS|
|return to the Asia Deals of the Year index|
The improved economic performance of the Philippines has been one of the stories of the past year in Asia Pacific. On October 29, Moody’s Investors Service upgraded the Republic of the Philippines to Ba1 from Ba2 as a result of its continued fiscal revenue strength in the face of deteriorating global demand and its decent growth prospects over the medium term. The Philippines debt portfolio has become longer in tenor, its new-issue yield has decreased and its foreign-currency-denominated bonds are receiving a substantial bid from onshore investors.
In response to its newly found relative economic stability, the government of the Philippines decided to adapt its debt portfolio to rebalance external liabilities, increase reliance on domestic financing sources, extend debt maturities and reduce debt-servicing costs.