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.
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...
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