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Philippines sells $1.5 bln 10-year Global bond

Wed Jan 7, 2009 12:12pm EST

NEW YORK, Jan 7 (Reuters) - The Philippines sold $1.5 billion worth of 10-year Global bonds at a price of 99.158, a source at one of the lead managers said on Wednesday.

Bonds  |  IPOs  |  Global Markets

The yield on the bond is 8.5 percent, a spread of 599.9 basis points over the corresponding U.S. Treasury. The coupon is 8.375 percent, the source said.

Lead managers of the deal are Credit Suisse, HSBC and Deutsche Bank.

Earlier, a second source at one of the lead managers said: "The book is building nicely. There is very solid demand."

Philippines is rated "BB-" by Standard & Poor's, "B1" by Moody's Investors Service and "BB" by Fitch Ratings. (Reporting by Daniel Bases, Editing by Chizu Nomiyama)

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