Published on 2/17/2016 in the Prospect News Emerging Markets Daily.
New Issue: Philippines prices $2 billion 3.7% global bonds due 2041 at par
By Aleesia Forni
New York, Feb. 17 – The Republic of the Philippines sold $2 billion of 3.7% global bonds (Baa2/BBB/BBB-) due March 1, 2041 at par on Wednesday, according to a market source.
Pricing came inside guidance set in the 3¾% area. Initially, talk was in the 4% area.
Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., HSBC, J.P. Morgan Securities LLC, Morgan Stanley, Standard Chartered Bank and UBS AG Hong Kong Branch are lead managers.
Proceeds will be used to repay debt and for general purposes.
| Issuer: | Republic of Philippines
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| Amount: | $2 billion
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| Description: | Global notes
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| Maturity: | March 1, 2041
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| Bookrunners: | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., HSBC Securities, J.P. Morgan Securities LLC, Morgan Stanley, Standard Chartered Bank, UBS AG Hong Kong Branch
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| Coupon: | 3.7%
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| Price: | Par
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| Yield: | 3.7%
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| Trade date: | Feb. 17
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| Settlement date: | March 1
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| Ratings: | Moody’s: Baa2
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| Standard & Poor’s: BBB
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| Fitch: BBB-
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| Price guidance: | 3¾% area, tightened from 4% area
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