Union Bank of Philippines completes debut bond

A rare international fixed rate deal from the Philippines banking sector.

Union Bank of the Philippines completed its debut international bond yesterday September 16, bringing a $125 million transaction to market via Credit Suisse First Boston and UBS. The three-year Reg S issue was downsized from $150 million after a sluggish bookbuilding period, dominated by spread widening cross the whole Philippines curve.

Pricing came in at 99.669% on a coupon of 7.25% to yield 7.375%. This equates to 455bp over Treasuries, or 409bp over Libor. Fees are 45bp and HSBC was co-manager.

A final order book of 140 million was reported and bankers say it would have been possible to hit the original deal size had...

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