By Reshmi Basu
New York, July 25 - The Republic of Philippines sold $750 million in a two-part reopening of its sovereign bonds (B1/BB-/BB), according to a market source.
The country reopened its 8% bonds due 2016 to add $300 million. The issue priced at 103.125 to yield 7.531% or 246.4 basis points over Treasuries. The deal priced marginally tighter than revised price guidance, which was set at 7.532% to 7.568%.
Meanwhile it retapped its 7¾% bonds due 2031 to add $450 million. Those bonds priced at 99.25 to yield 7.819% or 262.4 basis points over Treasuries. The deal priced at the tight end of revised price guidance, which was set at 7.819% to 7.842%.
Proceeds will be used for general purposes.
Citigroup, Deutsche Bank and Morgan Stanley were the bookrunners.
Issuer: Republic of Philippines
Issue: Two-part reopening of global bonds
Total amount: $750 million
Pricing date: July 25
Settlement date: Aug. 1
Bookrunners: Citigroup, Deutsche Bank Securities, Morgan Stanley
Ratings: Moody's: B1
| Standard & Poor's: BB-
|
| Fitch: BB
|
|
|
| 2016 maturity
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| Amount: | $300 million
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| Issue: | Add-on to 8% bonds
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| Maturity: | Jan. 15, 2016
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| Coupon: | 8%
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| Price: | 103.125
|
| Yield: | 7.531%
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| Spread: | 246.4 basis points over Treasuries
|
| Revised price guidance: | 7.532% to 7.568%
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|
|
| 2031 maturity
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| Amount: | $450 million
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| Issue: | Add-on to 7¾% bonds
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| Maturity: | Jan. 14, 2031
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| Coupon: | 7¾%
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| Price: | 99.25
|
| Yield: | 7.819%
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| Spread: | | 262.4 basis points over Treasuries
|
| Revised price guidance: | 7.819% to 7.842%
|
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