Philippines eyes dual-tranche issue of dollar-denominated global bonds

By Cady Vishniac

Detroit, Dec. 2 – Republic of the Philippines has proposed a new dual-tranche issue of 10.5- and 25-year dollar-denominated global bonds, according to a stabilization notice and a 424B3 filing with the Securities and Exchange Commission.

The bonds would not be non-callable.

The offering is conditional on approval from the Monetary Board of the Bangko Sentral ng Pilipinas.

Joint global coordinators, joint lead managers and joint bookrunners are Credit Suisse (Hong Kong) Ltd., Daiwa Capital Markets Singapore Ltd., Deutsche Bank AG, London Branch, Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch.

Deutsche Bank, London Branch is the stabilization manager for the Regulation S notes which will be SEC registered.

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

The republic plans to apply for listing on the Luxembourg Stock Exchange and trading on the Euro MTF Market.

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