The Philippines issues a Ps44.1 billion global bond

Republic of the Philippines demonstrates its position as one of Asia’s most sophisticated borrowers with a peso-denominated 10-year issue targeted at international investors.

The Republic of the Philippines issued a landmark deal early Friday morning when it priced its debut global peso bond. The Ps44.1 billion $1 billion long-dated 10-year deal is denominated in Philippine pesos, but settled in US dollars with all payments indexed to the peso spot rate.

The notes will mature on January 15, 2021 and pay a 4.95% semi-annual coupon, which is the lowest coupon on record for a 10-year Philippine sovereign, whether denominated in pesos or dollars. The bonds were re-offered at 99.607 to yield 5%. The pricing was based on an exchange rate of 44.109 pesos per dollar and the notes were rated Ba3 by Moody’s and BB by Standard and Poor’s....

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