By Rebecca Melvin
Concord, N.H., April 22 – Republic of the Philippines priced €2.1 billion of global bonds due in four, 12 and 20 years (Baa1/BBB+/BBB), according to final term sheets filed with the Securities and Exchange Commission.
The bonds are non-callable.
The €650 million tranche of ¼% four-year bonds priced at 99.509 for a yield of 0.374%, or a spread over mid-swaps of 75 basis points.
The €650 million tranche of 1.2% 12-year bonds priced at 99.468 for a yield of 1.248%, or a spread over mid-swaps of 105 bps.
The €800 million tranche of 1¾% 20-year bonds priced at 99.050 for a yield of 1.807%, or a spread over mid-swaps of 135 bps.
BNP Paribas, Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, J.P. Morgan Securities plc, Nomura International (Hong Kong) Ltd. and Standard Chartered Bank were joint lead managers and joint bookrunners of the SEC registered notes.
The republic is applying to list the bonds on the Luxembourg Stock Exchange for trading on the Euro MTF Market.
| Issuer: | Republic of the Philippines
|
| Issue: | Global bonds
|
| Amount: | €2.1 billion
|
| Bookrunners: | BNP Paribas, Credit Suisse Securities (Europe) Ltd., Goldman Sachs (Asia) LLC, J.P. Morgan Securities plc, Nomura International (Hong Kong) Ltd. and Standard Chartered Bank
|
| Pricing date: | April 22
|
| Settlement date: | April 28
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB+
|
| Fitch: BBB
|
| Distribution: | SEC registered
|
|
|
| 2025 bonds
|
| Amount: | €650 million
|
| Maturity: | April 28, 2025
|
| Coupon: | ¼%
|
| Price: | 99.509
|
| Yield: | 0.376%
|
| Spread: | Mid-swaps plus 75 bps
|
|
|
| 2033 bonds
|
| Amount: | €650 million
|
| Maturity: | April 28, 2033
|
| Coupon: | 1.2%
|
| Price: | 99.468
|
| Yield: | 1.248%
|
| Spread: | Mid-swaps plus 105 bps
|
|
|
| 2033 bonds
|
| Amount: | €800 million
|
| Maturity: | April 28, 2041
|
| Coupon: | 1¾%
|
| Price: | 99.050
|
| Yield: | 1.807%
|
| Spread: | Mid-swaps plus 135 bps
|
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