philippines-opens-2007-with-1-billion-benchmark

Philippines opens 2007 with $1 billion benchmark

AsiaÆs international bond markets re-open with keenly priced bond from the Republic of the Philippines.

Nick Ferguson

January 10, 2007

True to form, the Republic of the Philippines kicked off the new year with a fresh fundraiser. The $1 billion offer sets a new 2032 benchmark and puts a decent dent in the central bankÆs 2007 funding target.

The sovereignÆs bankers û Citigroup, Credit Suisse and Deutsche Bank û hit the road with pricing guidance at 6.55% - 6.65% for the SEC-registered deal and eventually printed a coupon of 6.375%, priced at 97.862 to yield 6.55%. That is equivalent to 180.3bp over US treasuries.

This is the lowest coupon ever for a US dollar benchmark from the Philippines. With the 2031 bonds trading at 113.75% to yield 6.601% and 114 6.58% the leads succeeded...

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