(UPDATE) Philippine dollar bonds rise after strong response

HONG KONG – Philippine 2020 bonds rose on Thursday after the country’s $1.5 billion, two tranche reopening of existing bonds received orders of $10 billion, allowing the borrower to lower the final yield at which the debt was issued.

Manila sold $650 million in bonds due in 2020 at 106.25 cents on the dollar to yield 5.674%. They were trading at 107 in early dealings on Thursday.

It also sold $850 million in bonds due in 2034 at 96.5 cents on the dollar to yield 6.664%. They were trading steady at 96.50.

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