By Paul A. Harris
St. Louis, April 27 - The Republic of Philippines priced an upsized $400 million add-on to two sovereign issues (Ba2/BB/BB) on Tuesday, according to an informed source.
A $200 million add-on to the 8 3/8% notes due Feb. 15, 2011 priced at 100.964, resulting in an 8.184% yield with a spread to Treasuries of 375 basis points.
Meanwhile a $200 million add-on to the 8¼% notes due Jan. 15, 2014 priced at 98.454 for a yield of 8.484% with a spread to Treasuries of 405 basis points.
Deutsche Bank Securities and Morgan Stanley ran the books.
The tap was upsized from $300 million.
| Issuer: | Republic of Philippines
|
| Amount: | $400 million, increased from $300 million
|
| Underwriters: | Deutsche Bank Securities, Morgan Stanley
|
| Pricing date: | April 27
|
| Settlement date: | May 4
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Fitch: BB
|
|
|
| 2011 maturity
|
| Amount: | $200 million
|
| Security description: | Add-on to 8 3/8% notes
|
| Maturity: | Feb. 15, 2011
|
| Coupon: | 8 3/8%
|
| Price: | 100.964
|
| Yield: | 8.184%
|
| Spread: | 375 basis points
|
|
|
| 2014 maturity
|
| Amount: | $200 million
|
| Security description: | Add-on to 8¼% notes
|
| Maturity: | Jan. 15, 2014
|
| Coupon: | 8¼%
|
| Price: | 98.454
|
| Yield: | 8.484%
|
| Spread: | 405 basis points
|
|
|
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