New Issue: Philippines prices €750 million 7/8% eight-year bonds at 70 bps over mid-swaps

By Angela McDaniels

Tacoma, Wash., May 9 – The Republic of the Philippines priced €750 million of 7/8% eight-year global bonds at a spread of mid-swaps plus 70 basis points, according to an FWP filing with the Securities and Exchange Commission.

The non-callable bonds priced at 99.104 to yield 0.992%.

Deutsche Bank AG, London Branch and UBS AG, Hong Kong Branch are the joint global coordinators. The joint lead managers and joint bookrunners are BNP Paribas, Credit Suisse Securities (Europe) Ltd., Deutsche Bank, Standard Chartered Bank and UBS.

Proceeds will be used for general purposes, including budgetary support.

Issuer:	Republic of the Philippines
Amount:	€750 million
Maturity:	May 17, 2027
Securities:	Global senior bonds
Joint global coordinators:	Deutsche Bank AG, London Branch and UBS AG, Hong Kong Branch
Joint bookrunners:	BNP Paribas, Credit Suisse Securities (Europe) Ltd., Deutsche Bank AG, London Branch, Standard Chartered Bank and UBS AG Hong Kong Branch
Coupon:	7/8%
Price:	99.104
Yield:	0.992%
Spread:	Eight-year euro mid-swaps plus 70 bps
Call option:	None
Trade date:	May 9
Settlement date:	May 17
Distribution:	SEC registered

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