Philippines Raises $4.1 Billion in Jumbo Peso Bond Offering

The Philippines raised 235 billion pesos ($4.1 billion) in new money from a bond sale that drew strong demand as investors locked in higher yields on bets the central bank may cut interest rates again Thursday.

The offer period, which was supposed to end Friday, was cut short after the funding target was reached in a sale targeted at institutional investors, the Bureau of the Treasury said in a statement on its website Thursday. Investors can still exchange old debt for the new securities until Friday.