Philippines, Slovenia price deals; Israel starts roadshow

By Paul A. Harris

Portland, Ore., Jan. 7 – Republic of Philippines and Republic of Slovenia priced benchmark deals on Monday, while State of Israel began a roadshow.

Philippines prices

Republic of Philippines priced a $1.5 billion issue of 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.

Slovenia oversubscribed

Republic of Slovenia (Baa1/A+/A-) priced €1.5 billion of 1.1875% 10-year fixed-rate notes at a 40 bps spread to mid-swaps on Monday, according to a market source.

The deal played to €3 billion of orders, and priced at the tight end of the mid-swaps plus 40 to 42 bps spread talk.

Joint bookrunner HSBC will bill and deliver. Abanka, Barclays, BNP Paribas, Credit Agricole CIB and Commerzbank were also joint bookrunners.

Israel roadshow

State of Israel began a roadshow in Europe for a benchmark euro-denominated offering of bonds, according to a market source.

The Regulation S deal is expected to come with a tranche of 10-year notes and/or a long-dated tranche.

Barclays, BNP and Goldman Sachs have the mandate.

LatAm trades tighter

With the stock indexes in the United States on firm ground Monday morning, Latin American debt traded tighter, according to a market source.

Brazil in particular received a boost which the source attributed to “a honeymoon period” for the newly elected far-right president Jair Bolsonaro, who took office on Jan. 1.

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