Philippines and Ayala Corp enter bond markets

As the sovereign prices its third euro-denominated offering, the country''s bluest chip launches a rare dollar borrowing.

The Republic of the Philippines continued its battle for acceptance with euro-denominated investors yesterday Thursday, pricing a reduced Eu300 million bond. At the same time, Ayala Corp launched a $150 million five-year deal via JPMorgan, which is expected to price later today.

Lead managers for the Philippines seven-year deal were Credit Suisse First Boston, Deutsche Bank and JPMorgan. Pricing came in line with the pre-marketed range on an issue price of 99.375% and coupon of 9.125% to yield 9.25%. This equated to a Bund spread of 570bp, a euribor spread of 555bp and an equivalent Libor spread at the same level.

Having built an order book of Eu450...

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