Philippines sells first zero-coupon Samurai bond

By Morgan Davis
31 Mar 2021

The Republic of the Philippines sold its first zero-coupon bond in the Japanese market this week.

The country’s ¥55bn ($499m) three year notes were also the first ever zero-coupon bonds to be issued in the Samurai market. They were sold at 99.28, or a spread of 21bp over Yen swap offer.

The deal raised more than the intended ¥30bn, given the strong investor demand, ...

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