Govt returns to overseas debt market

THE government has raised an additional $750 million from the sale of Republic of the Philippines debt papers (ROPs) in the international market to plug its record budget deficit this year.

The 10-year sovereign bonds, or IOUs will mature in January 2020.

The deal was nearly six times oversubscribed, as investors sought more papers than what the government had to offer. Sixty percent of the bonds was allocated to Asia, 25 percent to the US and 15 percent to Europe.

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