PH bond offer raises $2B at record low rate

THE Philippines raised $2 billion at a record low rate in a successful return to the international capital markets, the government announced on Thursday.

The 25-year dollar bonds were sold at a yield of 3.70 percent, the lowest ever coupon for a Philippine offering. It was also lower than the initial pricing of 4 percent and the 3.95 percent yield for an identical issuance last year.