The Philippine bond market differs significantly from other markets, but is expected to change as growth continues.

Philippine companies have become avid borrowers of funds provided by the international high yield bond market, characterized in Asia by bonds denominated in US dollars without an investment-grade rating. In fact, Philippine companies issued US$11.4 billion of such bonds in the last five years, behind only China and Indonesia in Asia.

However, the Philippine bond market is characterized by some terms inconsistent with terms typical for such international bonds. Here are five eye-opening facts about the Philippine US$ bond market...