Development Bank of the Philippines talks $130 million hybrid tier 1 securities at 8¾% area

By Reshmi Basu

New York, Sept. 7 - The Development Bank of the Philippines set price talk for a $130 million offering of hybrid tier 1 perpetual securities at the 8¾% area, according to a market source.

The deal will be non-callable for 10 years. If not called, the coupon becomes a floating rate at 1.5 times the original swap spread when the bond is priced.

Meanwhile pricing is expected to take place after the completion of the roadshow in London on Monday.

Barclays Capital and Deutsche Bank are leading the Regulation S transaction.

The issuer is a state-owned development bank and is based in Manila, the Philippines.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.