New Issue: Development Bank of the Philippines prices $300 million notes at Treasuries plus 225.1 bps

By Christine Van Dusen

Atlanta, March 21 - Development Bank of the Philippines priced $300 million of 5½% notes due March 25, 2021 (/BB/BB) at 99.924 to yield Treasuries plus 225.1 basis points, a market source said.

Credit Suisse, Goldman Sachs, HSBC and JPMorgan were the bookrunners for the Regulation S notes, which include a change-of-control put at 101 if the permitted holders own less than 100%.

Development Bank of the Philippines is a state-owned development lender based in Makati City, Philippines.

Issuer:	Development Bank of the Philippines
Amount:	$300 million
Maturity:	March 25, 2021
Description:	Senior notes
Bookrunners:	Credit Suisse, Goldman Sachs, HSBC, JPMorgan
Coupon:	5½%
Price:	99.924
Spread:	Treasuries plus 225.1 bps
Change of control put:	At 101 if permitted holders own less than 100%
Trade date:	March 18
Settlement date:	March 25
Ratings:	Standard & Poor's: BB
	Fitch: BB
Distribution:	Regulation S

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