New Issue: Philippines prices $2 billion 3.95% senior notes due 2040 at par

By Christine Van Dusen

Atlanta, Jan. 6 – The Philippines sold $2 billion 3.95% 25-year notes (expected ratings: Baa2/BBB/BBB-) at par to yield Treasuries plus 142.3 basis points on Tuesday, according to a filing from the sovereign.

The notes were talked at a yield in the 4% area.

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

The proceeds will be used to fund purchases of foreign currency-denominated bonds and for general governmental purposes, including budgetary support.

Issuer:	Republic of the Philippines
Amount:	$2 billion
Maturity:	Jan. 20, 2040
Description:	Senior notes
Bookrunners:	Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, Standard Chartered Bank, UBS
Coupon:	3.95%
Price:	Par
Yield:	3.95%
Spread:	Treasuries plus 142.3 bps
Trade date:	Jan. 6
Settlement date:	Jan. 20
Expected ratings:	Moody’s: Baa2
	Standard & Poor’s: BBB
	Fitch: BBB
Distribution:	Securities and Exchange Commission registered
Price talk:	4% area

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