Chicago, April 21 – Philippines sold a ¥70.1 billion benchmark transaction of sustainability bonds (Baa2/BBB+//JCR: A-) in Japan, according to a press release.
The ESG tranches were broken down into the following:
• ¥52 billion of 0.76% five-year bonds with a reoffer spread of 60 basis points over the yen swap mid TONA rate;
• ¥5 billion of 0.95% seven-year bonds with a reoffer spread of 70 bps over the yen swap mid TONA rate;
• ¥7.1 billion of 1.22% 10-year bonds with a reoffer spread of 85 bps over the yen swap mid TONA rate; and
• ¥6 billion of 1.83% 20-year bonds with a reoffer spread of 115 bps over the yen swap mid TONA rate.
This was the republic’s first 20-year bond in the Samurai market.
SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. were the lead managers for the offering.
Proceeds, according to Moody’s Investors Services, will be used for general purposes, including budgetary support and repayment of a portion of the issuer's borrowings.
| Issuer: | Philippines
|
| Amount: | ¥70.1 billion
|
| Issue: | Sustainability bonds
|
| Bookrunners: | SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
|
| Trade date: | April 12
|
| Settlement date: | April 22
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| JCR: A-
|
|
|
| Five-year bonds
|
| Amount: | ¥52 billion
|
| Maturity: | April 22, 2027
|
| Coupon: | 0.76%
|
| Spread: | Yen swap mid TONA plus 60 bps
|
|
|
| Seven-year bonds
|
| Amount: | ¥5 billion
|
| Maturity: | April 20, 2029
|
| Coupon: | 0.95%
|
| Spread: | Yen swap mid TONA plus 70 bps
|
|
|
| 10-year bonds
|
| Amount: | ¥7.1 billion
|
| Maturity: | April 22, 2032
|
| Coupon: | 1.22%
|
| Spread: | Yen swap mid TONA plus 85 bps
|
|
|
| 20-year bonds
|
| Amount: | ¥6 billion
|
| Maturity: | April 22, 2042
|
| Coupon: | 1.83%
|
| Spread: | Yen swap mid TONA plus 115 bps
|
|
|
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