MANILA - New global bonds from the Philippines, one of Asia's most active debt sellers, rose on Tuesday after strong demand for the issue pushed pricing to tighter end of yield expectations.

The dollar bonds due in 2020 were quoted at 100.50/100.75 cents on the dollar and traded at 100.625 after they were priced at 99.065 for a yield of 6.625%.

On Monday, the Philippines had been expected to raise $750 million by selling bonds maturing in January 2020 at a yield between 6.625% and 6.75%, according to sources close to the deal.

"The external markets were trading higher last night and allocations were quite small in this issue. Also the market was expecting an issue size of $1 billion," said a Manila-based trader.

Tracking the gains in the new issue, the country's bonds due in 2019 climbed one point to 115.25.

The new 2020 bonds received orders totalling $4.4 billion, a market source said.

Forty percent of the allocations were made to investors in Philippines, 20% to investors in the rest of Asia, 25% to those in the United States and 15% to those in Europe, the source said.

By investor type, funds took half the allotment, banks accounted for 39%, retail investors took 6%, the source said. Insurance companies and other investors picked up 5%.