Phils completes well received tap

Republic enters euro-denominated bond market to re-finance deal maturing in September.

The Republic of the Philippines created a more liquid euro-denominated benchmark yesterday Tuesday, adding a further Eu350 million to its Eu300 million 9.125% February 2010 bond. Under the lead management of Credit Suisse First Boston and Deutsche Bank, the Ba2BB rated credit also managed to secure its most aggressive pricing so far this year, completing the deal at a 1% discount to secondary levels.

The tap was priced at 103.25% to yield 8.35%. At the time it was announced Monday European time, the outstanding bond was bid at 104.25%.

Pricing at these levels equated to 483bp over Bunds, 454bp over euribor and 453bp over Libor....

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