the-philippines-masters-of-timing

The Philippines, masters of timing

The sovereign finds a market window to price its long-awaited $500 million bond deal, achieving tight pricing and good secondary performance.

By Rosie Slater

January 30, 2008

The Republic of the Philippines priced its long-awaited $500 million sovereign deal late on Tuesday evening in a transaction that was praised by rival bankers for its speed of execution and the pricing levels it managed to achieve.

The deal, managed by Credit Suisse and Deutsche Bank, priced 9bp back in yield terms from the existing 2032 bonds, closing ôwith the least discount possibleö, according to an investor who participated in the transaction. ôAs usual, the Philippines are masters in timing,ö he continued.

The bonds came at a yield of 6.54%, and a cash price of 98.

The trade - a tap of the PhilippinesÆ existing 2032 bonds - priced just ahead of the Federal...

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