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Philippines raises $1.3 bln from euro bond issue, including 1st ever zero-coupon deal

Published 01/22/2020, 09:52 AM
Updated 01/22/2020, 09:56 AM
Philippines raises $1.3 bln from euro bond issue, including 1st ever zero-coupon deal
CSGN
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STAN
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UBSG
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MANILA, Jan 22 (Reuters) - The Philippines raised 1.2
billion euros ($1.33 billion) from the capital market by selling
its first ever zero coupon three-year euro-denominated bond and
securing the lowest coupon ever for a nine-year deal, its
finance secretary said on Wednesday.
The three-year and nine-year issues, which follow a similar
offering in May, was nearly four times oversubscribed, Carlos
Dominguez said, citing a report from the Bureau of Treasury.
Dominguez said the three-year euro bond had a coupon of 0%
and offers 40 basis points over benchmark, while the nine-year
bond's 0.75% coupon was tighter than on the Philippines'
existing euro bonds due 2027, which pay out 0.875%. UBS UBSG.S , Citigroup C.N , Standard Chartered STAN.L ,
and Credit Suisse CSGN.S were joint lead managers and joint
bookrunners.
Orders came from a diverse group of investors both in the
onshore and offshore market, he said.
The Philippines, one of Asia's most active sovereign bond
issuers, is raising funds to help finance its 4.1 trillion pesos
($80.39 billion) budget this year, which is 12% more than last
year's spending plan.
($1 = 0.9021 euros)
($1 = 51.0000 Philippine pesos)

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