development-bank-of-the-philippines-prices-debut-tier1-deal

Development Bank of the Philippines prices debut Tier-1 deal

Barclays and Deutsche Bank price a $130 million perpetual hybrid Tier-1 Reg S deal, the second only offshore deal from the Philippines.
September 11, 2006
Barclays and Deutsche Bank have completed an inaugural offshore offering for the Development Bank of the Philippines DBP with a $130 million perpetual hybrid Tier-1 Reg S deal. The deal priced at the tight end of revised guidance.

The leads kicked off roadshows last Wednesday with an initial guidance in the 8.88% area but, as demand grew following roadshows in Singapore, Hong Kong and London last week, the level was revised to 8.38%.

Final pricing on the BBB- Fitch rated perpetual non-call 10 year offering came at par with a coupon of 8.375%, equivalent to a spread of 360.2bp over 10-year US Treasuries. The notes step up to 487.8 over three-month Libor if...
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