Chicago, June 28 – Republic of the Philippines sold a $3 billion two-part offering of bullet notes on Monday (Baa2/BBB+/BBB), according to a market source and a 424B3 filing with the Securities and Exchange Commission.
The offer includes $750 million of 1.95% notes due Jan. 6, 2032, which priced with a spread of Treasuries plus 60 basis points. Price talk for the notes was in the Treasuries plus 90 bps area.
Included in the offer was a $2.25 billion 25-year tranche that priced with a 3.2% coupon, or a spread of Treasuries plus 114 bps. Initial price talk was for a coupon in the 3.55% area.
Joint global coordinators, joint lead managers and joint bookrunners are Bank of China Ltd., Deutsche Bank AG London Branch, Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC, MUFG Securities Asia Ltd., Standard Chartered Bank and UBS AG Hong Kong Branch.
The offering is conditional on approval from the Monetary Board of the Bangko Sentral ng Pilipinas.
Proceeds will be used for general purposes.
The republic plans to apply for listing on the Luxembourg Stock Exchange and trading on the Euro MTF Market.
| Issuer: | Republic of the Philippines
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| Issue: | Senior notes
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| Amount: | $3 billion
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| Bookrunners: | Bank of China Ltd., Deutsche Bank AG London Branch, Goldman Sachs (Asia) LLC, Morgan Stanley & Co. LLC, MUFG Securities Asia Ltd., Standard Chartered Bank and UBS AG Hong Kong Branch
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| Counsel to issuer: | Linklaters Singapore Pte. Ltd, Department of Justice
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| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP, Romula Mabanta Buenaventura Sayoc & de los Angeles
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| Call features: | Non-callable
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| Trade date: | June 28
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | Regulation S, SEC registered
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|
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| 2032 notes
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| Amount: | $750 million
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| Maturity: | Jan. 6, 2032
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| Coupon: | 1.95%
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| Spread: | Treasuries plus 60 bps
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| Price talk: | Treasuries plus 90 bps area
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|
|
| 2046 notes
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| Amount: | $2.5 billion
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| Maturity: | July 6, 2046
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| Coupon: | 3.2%
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| Spread: | Treasuries plus 114 bps
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| Price talk: | 3.55% area
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