By Cady Vishniac
Detroit, Dec. 3 – Republic of the Philippines has issued $2.75 billion of senior notes in two tranches (Baa2/BBB+/BBB), according to FWP filings with the Securities and Exchange Commission.
The republic sold $1.25 billion of 1.648% non-callable senior global bonds due June 10, 2031 at par to yield Treasuries plus 70 basis points.
Additionally, a tranche of $1.5 billion of 2.65% senior bonds due Dec. 10, 2045 was sold at par with a yield of Treasuries plus 94.3 bps.
Joint global coordinators, joint lead managers and joint bookrunners on the Regulation S offering were 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.
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.
| Issuer: | Republic of the Philippines
|
| Issue: | Senior global bonds
|
| Bookrunners: | 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
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 10
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB
|
| Distribution: | Regulation S and SEC registered
|
|
|
| 2031 bonds
|
| Amount: | $1.25 billion
|
| Maturity: | June 10, 2031
|
| Coupon: | 1.648%
|
| Price: | Par
|
| Yield: | 1.648%
|
| Spread: | Treasuries plus 70 bps
|
|
|
| 2045 bonds
|
| Amount: | $1.5 billion
|
| Maturity: | Dec. 10, 2045
|
| Coupon: | 2.65%
|
| Price: | Par
|
| Yield: | 2.65%
|
| Spread: | Treasuries plus 94.3 bps
|
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