New Issue: Philippines prices $2 billion 3.7% notes due 2042 at par

By Christine Van Dusen

Atlanta, Jan. 19 – Philippines priced $2 billion notes due Feb. 2, 2042 at par to yield 3.7%, or Treasuries plus 66.7 basis points, on Wednesday, according to a filing from the sovereign.

The notes were talked in the 3.95% area.

Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered and UBS were the bookrunners for the Securities and Exchange Commission-registered deal.

The proceeds will be used to finance the budget and repay debt.

Issuer:	Philippines
Amount:	$2 billion
Maturity:	Feb. 2, 2042
Description:	Senior notes
Bookrunners:	Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered, UBS
Coupon:	3.7%
Price:	Par
Yield:	3.7%
Spread:	Treasuries plus 66.7 bps
Trade date:	Jan. 18
Settlement date:	Feb. 2
Distribution:	SEC registered
Price talk:	3.95% area

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