The Republic of the PhilippinesÆ National Power Corp Napocor entered the international bond markets yesterday with a Reg-S144a $500 million bond issue. The deal enjoyed one of the most straightforward executions of a bond in recent months, providing a striking contrast to the problems that Napocor has had with other transactions in recent years.
The notes are irrevocably and unconditionally guaranteed by the Republic of the Philippines which has an unconditional direct guarantee on all of NapocorÆs debt obligations.
The BB-BB rated transaction closed shortly after New York's open with the books oversubscribed by five times - the largest book ever for Napocor. Under the lead management of Citigroup and Deutsche Bank,...
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