Chicago, April 1 – Republic of the Philippines sold an upsized offering of ¥55 billion of 0.001% samurai bonds (Baa2/BBB+/JCR: A-) at 99.28 on Tuesday, according to a release.
The offer was initially launched at ¥30 billion.
The three-year tranche was priced at 21 basis points above the yen swap rate.
SMBC Nikko Securities Inc. was the lead manager and bookrunner.
The government intends to use proceeds to generate sufficient resources to fund its Covid-19 response and other priority programs.
| Issuer: | Philippines
|
| Issue: | Fixed-rate bonds
|
| Amount: | ¥55 billion
|
| Maturity: | April 12, 2024
|
| Bookrunner: | SMBC Nikko Securities Inc.
|
| Coupon: | 0.001%
|
| Price: | 99.28
|
| Spread: | Yen swap rate plus 21 bps
|
| Trade date: | March 30
|
| Settlement date: | April 13
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| JCR: A-
|
| Price talk: | Sized at ¥30 billion
|
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