By Christine Van Dusen
Atlanta, Jan. 6 - The Republic of the Philippines (Ba3/BB-/) priced a two-part $1.5 billion reopening of global notes.
The Philippines priced $650 million 6½% bonds due Jan. 20, 2020 at 106.25 to yield 5.674%, or Treasuries plus 183.7 basis points.
The issuer also priced $850 million 6 3/8% bonds due Oct. 23, 2034 at 96.5 to yield 6.664%, or Treasuries plus 195.7 bps, according to an informed market source.
Barclays Capital, Deutsche Bank and HSBC were the bookrunners for the Securities and Exchange Commission-registered deal.
The 2020 bonds will be consolidated with the $750 million 6½% bonds issued on July 20, 2009. The 2034 bonds will be consolidated with the $1 billion 6 3/8% bonds issued on Oct. 23, 2009.
Proceeds will be used for general purposes of the Republic, including budgetary support, according to a filing with the SEC.
| Issuer: | Republic of the Philippines
|
| Issue: | Global notes
|
| Total amount: | $1.5 billion
|
| Bookrunners: | Barclays Capital, Deutsche Bank, HSBC
|
| Trade date: | Jan. 6
|
| Settlement date: | Jan. 13
|
| Issuer ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Distribution: | SEC registered
|
|
|
| Notes due 2020
|
| Amount: | $650 million
|
| Maturity: | Jan. 20, 2020
|
| Coupon: | 6½%
|
| Price: | 106.25
|
| Yield: | 5.674%
|
| Spread: | Treasuries plus 183.7 bps
|
|
|
| Notes due 2034
|
| Amount: | $850 million
|
| Maturity: | Oct. 23, 2034
|
| Coupon: | 6 3/8%
|
| Price: | 96.5
|
| Yield: | 6.664%
|
| Spread: | Treasuries plus 195.7 bps
|
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