EDC prices punchy $300 million 10-year bond

Energy Development Corp last night priced a $300 million 10-year bond at a yield of 6.5%, after attracting more than $1.1 billion of demand.

Energy Development Corp EDC, the largest geothermal energy producer in the Philippines, last night priced its $300 million 10-year bond. The Reg-S deal gathered more than $1.1 billion of demand, split over 86 orders.

The issuer is the first Philippine company to tap the US dollar bond market this year. Deutsche Bank and J.P. Morgan were joint bookrunners.

The deal went out with a whisper of low 200bp over the Republic of Philippines’ benchmark. Initial price guidance was defined in the area of 6.625% and the final guidance was 6.5% to 6.625%. The deal priced at 6.5%, at the tight end, which was equivalent to a spread of 200bp over the Ro...

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