MANILA, Philippines - Euromoney named the Philippines' November 2012 global peso bonds sale as one of 2012’s "Deals of the Year."
The Philippines returned to international capital markets with a PP30.8 billion offering of 10-year Global Peso Bonds priced at 100% with a coupon of 3.90%.
Euromoney noted the recovery of the global capital markets in 2012, as bond and equity markets soared, "creating a fertile deal-making environment." Euromoney's Deals of the Year selects "deals that defined the market in unique ways each year."
"This is continued proof that the country is one of the safest emerging markets to invest in. We welcome this award as another vote of confidence in the Aquino administration's good governance reforms, and a continued nod at the effectiveness of our proactive liability management agenda," Finance Secretary Cesar Purisima said in a statement.
The Global Peso Bond offering, which is peso-denominated but US dollar-settled, is part of the Aquino government's proactive efforts in managing external liabilities since this reduces the foreign exchange risk inherent in its outstanding debt portfolio.
Proceeds of the issuance were used to fund the Philippines' ongoing tender offer of its existing US dollar and euro-denominated bonds.