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Philippines sells USD 3 billion global bond in triple-tranche deal

January 9, 2023By Reuters

MANILA, Jan 10 (Reuters) – The Philippines has raised USD 3 billion for this year’s budget financing via a triple-tranche global bond deal that drew strong investor interest, National Treasurer Rosalia De Leon said on Tuesday.

The latest global bond sale is the second such issue under the administration of President Ferdinand Marcos Jr., after a USD 2 billion deal last year.

The Southeast Asian country sold USD 500 million worth of 5.5-year bonds at 4.743%, USD 1.25 billion of 10.5-year bonds at 5.001%, and USD 1.25 billion of 25-year “sustainability” bonds at 5.50%, De Leon said.

“Due to a strong orderbook which peaked at around USD 28.2 billion for all tranches, we were able to compress price guidance by 50 bps (basis points), 50 bps, and 45 bps, respectively, while still upsizing the transaction from an initial target issue size of USD 2 billion,” she said.

BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank and UBS were tapped as joint lead managers and joint bookrunners.

(Reporting by Enrico Dela Cruz; Editing by Leslie Adler and Sam Holmes)

This article originally appeared on reuters.com

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