the-phillipines-build-huge-book-for-dollar-deal

The Phillipines build huge book for dollar deal

After three months of relative scarcity, the Republic of Philippines closes a hugely succesful new tap with one of the largest order books ever seen in Asia.
July 25, 2006
The Republic of the Philippines brought its long awaited dollar-denominated debt deal to market late last night July 25 when it priced a dual tranche $750 million offering via joint bookrunners Citibank, Deutsche Bank and JPMorgan.

The new deal is a tap of the RepublicÆs earlier dual tranche deal that consisted of a 10-year and a 25-year offering.

The 10-year tranche is a $300 million offering that prices off of the 8% coupon but is priced at 103.125 to yield at 7.532%, a spread of 2.46% over United States treasuries.

The tap of the 25-year tranche is a $450 million offering that prices off of a 7.75% coupon but is priced at 99.25 to...
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