The Philippines raised $866 million from its debut sale of dollar bonds targeted at individuals as it seeks to expand funding from that lucrative investor pool.
In a two-part offering, 10-year retail notes were priced at 2.25% and five-year bonds at 1.375%, according to the Bureau of the Treasury. While the debt sale is small compared with the $3 billion of overseas notes sold by the government in June, individual investors are becoming a stalwart source of funding for the Philippines. The sovereign raised about $9 billion from a sale of peso-denominated retail bonds in March.
The move comes as emerging-market borrowers face a recent rise in borrowing costs, prompting them to look for cheaper funding channels.