landbank-prices-new-capital-deal

Landbank prices new capital deal

On the back of a huge order book, Deutsche Bank prices a tight lower tier-2 bond for the Landbank of the Philippines.
Sole bookrunner Deutsche Bank priced a new $150 million 10 non-call five-year lower tier-2 subordinated bond for Landbank of the Philippines LBP on Thursday. Final pricing for the BB- deal came at par with a coupon of 7.25% equivalent to 252bp over US Treasuries. The notes step up to Treasury plus 378bp if not called.

The order book closed just shy of $1 billion, an oversubscription ratio of over six times, with 108 investors taking part. At that level, it is the largest ever lower tier-2 book ever built.

In terms of geography, Singapore investors accounted for approximately 46% of the offering, 16% originated from European investors, Hong Kong and Asia were each allocated...
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