PSALM issues $1B in global bonds

Offering attracts $5.7B worth of bids.

MANILA, Philippines — The state-run Power Sector Assets and Management Liabilities Corp. successfully issued $1 billion in global bonds Wednesday, with the offering nearly six times oversubscribed as it attracted $5.7 billion in demand.

“We are pleased with the outcome of the transaction. It clearly highlights investors’ appreciation of the [Philippine government’s] credit and their confidence in the overall economic prospects of the country,” Finance Secretary Margarito B. Teves said in a joint statement with PSALM.

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