By Paul A. Harris
St. Louis, Oct. 16 - The Republic of Philippines priced $1 billion of 6 3/8% 25-year senior unsecured bonds (Ba3/BB-/BB) at 99.382 to yield 6.425% on Friday, according to a prospectus filed with the Securities and Exchange Commission.
The bonds priced with a yield equivalent at pricing to 216.5 basis points over the 4½% Treasury due 2039.
The deal had been initially talked with a 6½% coupon, according to a market source.
Deutsche Bank Securities Inc., the Hongkong and Shanghai Banking Corp. Ltd. and UBS AG were joint bookrunners.
| Issuer: | Republic of Philippines
|
| Amount: | $1 billion
|
| Maturity: | Oct. 23, 2034
|
| Securities: | Senior unsecured bonds
|
| Bookrunners: | Deutsche Bank Securities Inc., the Hongkong and Shanghai Banking Corp. Ltd., UBS AG
|
| Coupon: | 6 3/8%
|
| Price: | 99.382
|
| Yield: | 6.425%
|
| Spread: | 216.5 bps over 4½% Treasury due 2039
|
| Trade date: | Oct. 16
|
| Settlement date: | Oct. 23
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 6½% coupon
|
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