Philippines prices global

Strong demand sees the Republic increase its global bond offering and on-lend $250 million to the National Power Corporation (Napocor).

Priced after a one-day bookbuild, which closed lunchtime in New York Wednesday, the Republic of the Philippines has raised $750 million from an SEC-registered global bond offering jointly led by Credit Suisse First Boston and Morgan Stanley. Representing the country's first major dollar benchmark in nearly two years, the 15 put 10 offering appears to have caught a strong wave of demand, which led books to close at the $1.8 billion mark and enabled pricing to come 12.5bp through initial guidance at the 450bp level.

With a final maturity in 2017, the transaction was priced at 99.331% on a coupon of 9.375% to yield 9.48% or 437.5bp over 10-year Treasuries. At this...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222