At last: a bond deal for Napocor

The Philippines turns to the Yen markets to successfully price a transaction for the country''s power utility.

A Y61.75 billion $500 million twin tranche issue for Psalm Power Sector Asset Liabilities Management Corp was priced last night by Nomura. The deal carries guarantees from both the Republic of the Philippines and Asian Development Bank ADB and marks the first co-financing for a Philippines credit in Yen since a Nexi deal for the sovereign last December.

Like many deals for the National Power Corporation Napocor, the current 18 and 20 year deal has been some months in the making, but ultimately appears to have proved successful because it could offer a riskreward profile that suited the needs of long-dated Japanese investors.

One Y24.75 billion tranche of 18 year paper was priced...

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