By Reshmi Basu
New York, Sept. 7 - The Republic of Philippines priced $1 billion of bonds due 2016 (B1/BB-/BB) at 98.301 with an 8% coupon to yield 8¼%, according to a market source.
The drive-by deal was increased from $750 million.
The deal priced inside of initial price guidance of the 8 3/8% area.
Proceeds from the sale will be used to plug the country's budget deficit.
Citigroup, Deutsche Bank and UBS Securities were lead managers for the offering of Securities and Exchange Commission registered bonds.
| Issuer: | Republic of Philippines
|
| Amount: | $1 billion
|
| Issue: | Sovereign bonds
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| Maturity: | Jan. 15, 2016
|
| Coupon: | 8%
|
| Issue price: | 98.301
|
| Yield: | 8¼%
|
| Pricing date: | Sept. 7
|
| Settlement date: | Sept. 14
|
| Lead managers: | Citigroup, Deutsche Bank, UBS Securities
|
| Ratings: | Moody's: B1
|
| Standard & Poor's: BB-
|
| Fitch: BB
|
| Initial price guidance: | 8 3/8% area
|
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