The Republic of the Philippines pleased local bond market investors late last week with the launch of the third tranche from its US dollar-linked Peso notes DLPN programme. Deutsche Bank, Multinational Investment Bancorporation and Rizal Commercial Banking Corp. acted as joint financial advisors and lead managers for the Ps5 billion $93.4 million.
It is claimed that the program, in which the payments on the notes are linked to movements in the US$-Ps exchange rate, is the first of its kind in Asia.
The third tranche has a tenor of three years and offers a coupon of 7.375%. Principal repayments, made semi-annually, will be in Pesos.