By Rebecca Melvin
New York, Jan. 19 – Republic of the Philippines priced $2 billion of 3% 10-year bonds (Ba2/BBB/BBB) at par on Thursday to yield U.S. Treasuries of 37.8 basis points, according to a regulatory filing.
Pricing came tight compared to initial talk for a yield in the area of 3.3%.
Citigroup, Credit Suisse, Deutsche Bank Securities, Morgan Stanley, Standard Chartered Bank and UBS were joint lead managers and joint bookrunners of the Securities and Exchange Commission-registered senior notes.
The bonds are not callable prior to maturity and contain collective action clauses.
Proceeds are for the repurchase of certain series of the sovereign’s foreign debt and for general purposes, including budgetary support.
Application is being made to list the bonds on the Luxembourg Stock Exchange.
Settlement is expected on Feb. 1.
| Issuer: | Republic of the Philippines
|
| Amount: | $2 billion
|
| Maturity: | Feb. 1, 2028
|
| Description: | Unsecured bonds
|
| Bookrunners: | Citigroup, Credit Suisse, Deutsche Bank Securities, Morgan Stanley, Standard Chartered Bank and UBS
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Spread: | U.S. Treasuries plus 37.8 bps
|
| Call options: | Non-callable
|
| Trade date: | Jan. 18
|
| Settlement date: | Feb. 1
|
| Expected ratings: | Moody’s: Ba2
|
| S&P: BBB
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 3.3% area
|
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