By Aaron Hochman-Zimmerman
New York, July 13 - The Philippines priced $750 million of senior unsecured bonds (B1/BB-/BB) due 2020 at 99.065 with a coupon of 6½% to yield 6 5/8%, according to a source familiar with the deal.
The deal priced with a spread of Treasuries plus 332.6 basis points.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc. acted as bookrunners for the Securities and Exchange Commission-registered deal.
Proceeds from the sale will be used for general purposes, including budgetary support.
Issuer: Philippines
Issue: Senior unsecured bonds
| Amount: | $750 million
|
| Maturity: | Jan. 20, 2020
|
| Coupon: | 6½%
|
| Price: | 99.065
|
| Yield: | 6 5/8%
|
| Call: | Non-callable
|
| Bookrunners: | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC and Deutsche Bank Securities Inc.
|
| Distribution: | Off shelf
|
| Pricing date: | July 13
|
| Settlement date: | July 20
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
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