New Issue: Philippines sells $2.35 billion 2.457%, 2.95% bonds due 2030, 2045

By Marisa Wong

Los Angeles, April 28 – The Republic of the Philippines priced $2.35 billion of senior bonds (Baa2/BBB+/BBB) in two tranches on Monday.

The Philippines priced $1 billion of 2.457% global bonds due 2030 and $1.35 billion of 2.95% global bonds due 2045 at par, according to FWP filings with the Securities and Exchange Commission.

Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch are the bookrunners.

Proceeds will be used for general purposes, including budgetary support, as previously announced.

Issuer:	Republic of the Philippines
Issue:	Senior bonds
Amount:	$2.35 billion
Bookrunners:	Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch
Pricing date:	April 27
Settlement date:	May 5
Ratings:	Moody’s: Baa2
	S&P: BBB+
	Fitch: BBB
2030 bonds
Amount:	$1 billion
Maturity:	May 5, 2030
Coupon:	2.457%
Price:	Par
Yield:	2.457%
Spread:	180 bps over 1.5% Treasury due Feb. 15, 2030
2045 bonds
Amount:	$1.35 billion
Maturity:	May 5, 2045
Coupon:	2.95%
Price:	Par
Yield:	2.95%
Spread:	169.1 bps over 2.375% Treasury due Nov. 15, 2049

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