New Issue: Philippines prices $1.5 billion 5 ½% notes due 2026 at 99.495 to yield 5.55%

By Christine Van Dusen

Atlanta, March 31 - The Republic of the Philippines priced $1.5 billion 5 ½% notes due March 30, 2026 at 99.495 to yield 5.55%, or Treasuries plus 223.8 basis points, a market source said.

Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan and UBS were the bookrunners for the off-the-shelf notes (Ba3/BB/BB).

Proceeds will be used for general governmental purposes, including budgetary support.

Issuer:	Republic of the Philippines
Amount:	$1.5 billion
Maturity:	March 30, 2026
Description:	Notes
Bookrunners:	Citigroup, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, UBS
Coupon:	5 ½%
Price:	99.495
Yield:	5.55%
Spread:	Treasuries plus 223.8 bps
Ratings:	Moody's Investors Service: Ba3
	Standard & Poor's: BB
	Fitch: BB
Trade date:	March 21
Settlement date:	March 30
Distribution:	Off the shelf

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