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The Philippine government became the first in Asia to tap the global debt market in the new year, raising $1.5 billion in 10-year U.S. dollar bonds to help fund its 2019 spending plan.
The offering, also 2019's first for an emerging market, attracted $4 billion in demand and signals investor confidence in the Southeast Asian economy, National Treasurer Rosalia de Leon told Reuters.
The bonds, launched on Monday, carry a coupon of 3.75 percent and were priced at spread of US Treasurys plus 110 basis points, below guidance of plus 130 basis points amid strong demand, she said.
The issue "demonstrates strong conviction from the global investor community" on the Philippines' economic fundamentals and the depth of the country's investor outreach, de Leon said in a statement.
The Philippines, one of Asia's most active sovereign bond issuers, is raising funds to support the budget as President Rodrigo Duterte's administration boosts infrastructure spending.
Manila's borrowing plan includes samurai and panda bond offerings this year or in 2020. It is also exploring a first sterling bond sale.