New Issue: Philippines prices PHP 25 billion add-on of 3.5% bonds due 2021 at 101.125

By Susanna Moon

Chicago, May 17 – Republic of the Philippines sold another PHP 25 billion of 3.5% treasury bonds due March 20, 2021 in a reopening of the issue on Tuesday.

The average price was 101.125 for an average yield of 3.246%, according to a term sheet. The price ranged from 100.996 to 101.331 for a yield of 3.2% to 3.275%.

Investors had tendered a total of PHP 72,563,000,000 of bids, of which the issuer accepted PHP 19.77 billion of competitive bids and PHP 5.23 billion non-competitive bids.

Issuer:	Republic of Philippines
Amount:	PHP 25 billion
Description:	Treasury bonds
Maturity:	March 20, 2021
Coupon:	3.5%
Average price:	101.125
Average yield:	3.246%
Auction date:	May 17
Settlement date:	May 19 for add-on, March 20, 2014 for original issue

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