January 9, 2014 / 4:46 AM / 4 years ago

Philippines offering new 10-year bonds at 4.5% area

HONG KONG, Jan 9 - The Republic of the Philippines has circulated an initial price talk of 4.5% area for an offering of new 10-year SEC Registered debt notes.

The offering from the Baa3/BBB-/BBB- rated issuer represents the third sovereign deal out of Asia this week behind Sri Lanka and Indonesia, which priced bonds of US$1bn and US$4bn, respectively.

This is the first global bond by the sovereign issuer since it achieved investment grade status by all three agencies last year.

The Philippines plans to use the proceeds to fund the purchases of certain series of its foreign currency-denominated bonds, as well as for general purposes, including budgetary support.

Deutsche Bank, HSBC and Standard Chartered Bank are global co-ordinators on the deal and, along with ANZ, Citigroup, Goldman Sachs, JP Morgan and Morgan Stanley, also are joint bookrunners.

The offering is expected to be today’s business. (Reporting by Neha d‘Silva; editing by Dharsan Singh)

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