By Paul A. Harris and Reshmi Basu
New York, March 10 - The Republic of the Philippines sold a $500 million 8 7/8% bond due 2015 at 99.138 to yield 9%, according to market sources.
Price guidance was for a yield in the 9% area.
HSBC Securities, UBS Investment Bank and Credit Suisse First Boston were the bookrunners.
Proceeds will be used towards funding the country's budget deficit.
| Issuer: | Republic of the Philippines
|
| Amount: | $500 million
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| Maturity: | March 17, 2015 |
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| Bookrunners: | HSBC Securities, UBS Investment Bank, Credit Suisse First Boston |
|
| Coupon: | 8 7/8%
|
| Price: | 99.138
|
| Yield: | 9%
|
| Pricing date: | March 10
|
| Price guidance: | 9% area
|
| Settlement: | March 17
|
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