Published on 1/7/2019 in the Prospect News Emerging Markets Daily.
New Issue: Philippines sells $1.5 billion 3¾% 10-year bonds to yield Treasuries plus 110 bps
By Paul A. Harris
Portland, Ore., Jan. 7 – Republic of Philippines priced a $1.5 billion issue of 3¾% 10-year fixed-rate senior notes (Baa2/BBB) at a 110 basis points spread to Treasuries on Monday.
The deal came well inside the Treasuries plus 130 bps area guidance.
Bank of China, JPMorgan and Standard Chartered Bank were the joint global coordinators and joint bookrunners for the public offering. Citigroup, Credit Suisse, Goldman Sachs (Asia) LLC and UBS were also joint bookrunners.
Proceeds will be used for general corporate purposes of the republic, including budgetary support.
| Issuer: | Republic of Philippines
|
| Amount: | $1.5 billion
|
| Maturity: | June 14, 2029
|
| Securities: | Fixed-rate notes
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| Joint global coordinators: | Bank of China, JPMorgan and Standard Chartered Bank
|
| Joint bookrunners: | Bank of China, JPMorgan and Standard Chartered Bank, Citigroup, Credit Suisse, Goldman Sachs (Asia) LLC and UBS
|
| Coupon: | 3¾%
|
| Spread: | Treasuries plus 110 pbs
|
| Trade date: | Jan. 7
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| Settlement date: | Jan. 14
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| Ratings: | Moody's: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | 130 bps area
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