Published on 3/22/2022 in the Prospect News Emerging Markets Daily and Prospect News Green Finance Daily.
New Issue: Philippines sells $2.25 billion of bonds due 2027, 2032 and 2047
By Rebecca Melvin
Concord, N.H., March 22 – Republic of the Philippines sold a $2.25 billion three-part offering of global bonds on Monday (Baa2/BBB+/BBB), according to FWPs filed with the Securities and Exchange Commission.
All of the bonds priced at par, and the tranches included $500 million 3.229% bonds due March 29, 2027, with a spread of Treasuries plus 90 basis points; $750 million 3.556% bonds due Sept. 29, 3032, with a spread of Treasuries plus 125 bps; and, $1 billion 4.2% bonds due March 29, 2047 with a spread over Treasuries plus 165.7 bps.
The bonds are non-callable.
Bank of China Ltd., Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, London Branch, Goldman Sachs (Asia) LLC, Mizuho Securities Asia Ltd., Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch are the joint global coordinators, joint lead managers and joint bookrunners.
Proceeds will be used for general purposes of the republic, including budgetary support. The republic also plans to invest an amount equal to the proceeds in projects that qualify as eligible social and green expenditures under its sustainable finance framework.
| Issuer: | Republic of the Philippines
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| Amount: | $2.25 billion
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| Issue: | Senior notes
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| Bookrunners: | Bank of China Ltd., Citigroup Global Markets Inc., Credit Suisse (Hong Kong) Ltd., Deutsche Bank AG, London Branch, Goldman Sachs (Asia) LLC, Mizuho Securities Asia Ltd., Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch
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| Counsel to issuer: | Linklaters Singapore Pte. Ltd.
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| Counsel to underwriters: | Cleary Gottlieb Steen & Hamilton LLP, Romulo Mabanta Buenaventura Sayoc & de los Angeles
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| Call features: | Non-callable
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| Trade date: | March 21
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| Settlement date: | March 29
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| Ratings: | Moody’s: Baa2
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| S&P: BBB+
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| Fitch: BBB
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| Distribution: | SEC registered
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|
|
| 2027 notes
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| Amount: | $500 million
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| Maturity: | March 29, 2027
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| Coupon: | 3.229%
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| Price: | Par
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| Yield: | 3.229%
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| Spread: | Treasuries plus 90 bps
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| Price talk: | Treasuries plus 125 bps area
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| Cusip: | 718286CQ8
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| 2032 notes
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| Amount: | $750 million
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| Maturity: | Sept. 29, 2032
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| Coupon: | 3.556%
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| Price: | Par
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| Yield: | 3.556%
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| Spread: | Treasuries plus 125 bps
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| Price talk: | Treasuries plus 165 bps area
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| Cusip: | 718286CR6
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| 2047 notes
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| Amount: | $1 billion
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| Maturity: | March 29, 2047
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| Coupon: | 4.2%
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| Price: | Par
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| Yield: | 4.2%
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| Spread: | Treasuries plus 165.7 bps
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| Price talk: | 4.7% coupon area
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| Cusip: | Y6972HLP9
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