Chicago, Dec. 4 – The Republic of the Philippines sold its maiden 5.5-year dollar sukuk offering (Baa2/BBB+/BBB), according to multiple press releases.
The $1 billion offering priced with a profit rate of 5.045%, or at Treasuries plus 80 basis points.
Initial price guidance was in the Treasuries plus 115 bps area.
Citigroup, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG and Standard Chartered Bank were the joint bookrunners and joint lead managers.
The sukuk issuance is part of the republic’s agenda to promote the development of Islamic banking and finance in the country.
Proceeds will be used for general purposes, including budgetary support.
A roadshow was held on Nov. 27 and Nov. 28.
The republic’s last international offering was in January 2023 for a $3 billion triple-tranche conventional bond.
ROP Sukuk Trust, a special purpose vehicle, is listed as issuer.
| Issuer: | ROP Sukuk Trust
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| Obligor: | Philippines
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| Amount: | $1 billion
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| Issue: | Sukuk
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| Tenor: | 5.5 years
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| Bookrunners: | Citigroup, Deutsche Bank, Dubai Islamic Bank, HSBC, MUFG and Standard Chartered Bank
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| Coupon: | 5.045%
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| Spread: | Treasuries plus 80 bps
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| Trade date: | Nov. 29
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| Settlement date: | Dec. 6
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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: | Rule 144A and Regulation S
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| Price talk: | Treasuries plus 115 bps area
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| Marketing: | Roadshow
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| ISIN: | US74969WAA18, USY7329CAA37
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