Philippines sets talk in 4% area for dollar 25-year notes

By Christine Van Dusen

Atlanta, Jan. 6 – The Philippines has set talk in the 4% area for a dollar-denominated offering of notes due in 25 years (Baa2/BBB/BBB-), a market source said.

Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Standard Chartered Bank and UBS are the bookrunners for the Securities and Exchange Commission-registered deal.

The bonds are expected to price at 4 p.m. ET, according to an announcement.

The proceeds will be used to fund purchases of foreign currency-denominated bonds and for general governmental purposes, including budgetary support. The Philippines announced a tender offer for its outstanding global bonds simultaneously with the new global bonds.

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