Published on 10/14/2011 in the Prospect News Emerging Markets Daily and Prospect News Liability Management Daily.
Philippines accepts $1.18 billion, €98.54 million of bonds in offer
By Angela McDaniels
Tacoma, Wash., Oct. 14 - The Republic of the Philippines accepted $1.18 billion and €98.54 million of bonds in its modified Dutch auction tender offer, according to a news release.
A total of $17.06 billion and €500 million of bonds were eligible for the offer. When the offer began on Oct. 10, the republic said that its target was to spend $1.5 billion, including accrued interest, on the offer but that it may spend more or less.
The results are noted in the table below. For the first five series of bonds, the republic accepted all non-competitive offers, including competitive offers that were deemed to be non-competitive, and competitive offers that specified an offer price less than or equal to the clearing price for that series.
For the remaining series of bonds, the republic accepted only non-competitive offers.
No offers were subject to proration.
For each bond accepted, the payment will be a cash amount equal to the clearing price plus accrued interest up to but excluding the settlement date. The payment will be made in the currency in which the bonds are denominated.
The offer ended at 5 p.m. ET on Oct. 13. The settlement date is expected to be Oct. 25.
Settlement remains subject to the receipt of the proceeds of the republic's $50 million offering of 6 3/8% global bonds due 2034, which is scheduled to occur on Oct. 24, and the continued availability of certain investable funds from the Bureau of the Treasury
The dealer managers were Citigroup Global Markets Inc. (800 558-3745 or 212 723-6108), J.P. Morgan Securities LLC (212 834-4533 or 852 2800-8007), Goldman Sachs (Asia) LLC (800 828-3182, 212 902-5183 or 852 2978-6659), Hongkong and Shanghai Banking Corp. Ltd. (852 2822-4100, 44 20 7991 5874, 212 525-0866 or liability.management@hsbcib.com), Standard Chartered Bank (65 6324-1740, 44 207 885 8888 or Primary.Debt@sc.com) and UBS AG, Hong Kong Branch (852 2971-7238, 203 719-4210, 44 20 7567 0525 or OL-Liability-Management@ubs.com).
Philippines Dutch auction tender offer
| Series of bonds | Outstanding principal amount | Amount accepted | Clearing price
|
| 8¾% bonds due Oct. 7, 2016 | $563.96 million | $37,869,000 | $1,265.00
|
| 9 | 3/8% bonds due Jan. 18, 2017 | $798,014,000 | $144,017,000 | $1,297.50
|
| 7½% bonds due Sept. 25, 2024 | $774,204,000 | $264,645,000 | $1,270.00
|
| 6 | 3/8% bonds due Jan. 15, 2032 | $1.5 billion | $80,219,000 | $1,165.00
|
| 6¼% bonds due March 15, 2016 | €500 million | €98.54 million | €1,075.00
|
| 9% bonds due Feb. 15, 2013 | $799,854,000 | $71,628,000 | $1,100.00
|
| 8¼% bonds due Jan. 15, 2014 | $1,210,866,000 | $59.72 million | $1,137.50
|
| 8 | 7/8% bonds due March 17, 2015 | $710,659,000 | $66,936,000 | $1,212.50
|
| 8% bonds due Jan. 15, 2016 | $709,445,000 | $61.41 million | $1,212.50
|
| 9 | 7/8% bonds due Jan. 15, 2019 | $861,231,000 | $68,826,000 | $1,357.50
|
| 8 | 3/8% bonds due June 17, 2019 | $1,237,751,000 | $55,412,000 | $1,285.00
|
| 6½% bonds due Jan. 20, 2020 | $1.4 billion | $57,098,000 | $1,172.50
|
| 9½% bonds due Oct. 21, 2024 | $480,406,000 | $17,459,000 | $1,407.50
|
| 10 | 5/8% bonds due March 16, 2025 | $1,632,885,000 | $79,997,000 | $1,532.50
|
| 9½% bonds due Feb. 2, 2030 | $2 billion | $73,874,000 | $1,485.00
|
| 7¾% bonds due Jan. 14, 2031 | $2,384,506,000 | $40,936,000 | $1,295.00
|
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