By Reshmi Basu
New York, May 9 - The Republic of Philippines reopened its bonds due 2015 and bonds due 2030 (Ba2/BB-/BB) to add $750 million, according to a market source.
A $250 million add-on to the 8 7/8% bonds due 2015 priced at 101 3/8 to yield 8.661% with a spread of 438½ basis points over U.S. Treasuries.
Meanwhile a $500 million add-on to the 9½% bonds due 2030 priced at 97 7/8 to yield 9.726% with a spread of 510½ basis points over U.S Treasuries.
The deal priced at the rich end of price talk. Initial price talk had been set at 101 to 101 3/8 for the 2015 bonds and 97½ to 97 7/8 for the 2030 bonds.
Deutsche Bank AG, HSBC and JP Morgan arranged the Philippines' debt sale.
The Philippines priced $500 million of the 8 7/8% bonds due March 2015 at 99.138 on March 17, 2004. Subsequently the Philippines priced a $300 million add-on at 98 on Sept. 8, 2004. The total issue size is now $1.05 billion.
The Philippines priced $1.5 billion of the 9½% bonds due February 2030 at 98.131 on Jan. 26, 2005. The total issue size is now $2 billion.
| Issue: | Republic of Philippines
|
| Amount: | $750 million
|
| Underwriters: | Deutsche Bank AG, HSBC, JP Morgan
|
| Pricing date: | May 9
|
| Settlement date: | May 16
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
|
|
| 2015 bonds
|
| Issue: | Tap of 8 7/8% bond due 2015
|
| Re-open amount: | $250 million
|
| Total amount: | $1.05 billion
|
| Maturity: | March 17, 2015
|
| Coupon: | 8 7/8%
|
| Retap price: | 101 3/8
|
| Retap yield: | 8.661%
|
| Spread: | Treasuries plus 438½ basis points
|
| Price talk: | 101 to 101 3/8
|
|
|
| 2030 bonds
|
| Issue: | Tap of 9½% bonds due 2030
|
| Re-open amount: | $500 million
|
| Total amount: | $2 billion
|
| Maturity: | Feb. 2, 2030
|
| Coupon: | 9½%
|
| Retap price: | 97 7/8%
|
| Retap yield: | 9.726%
|
| Spread: | Treasuries plus 510½ basis points
|
| Price talk: | 97½ to 97 7/8
|
|
|
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