Philippines raised €2.1bn via a three-tranche bond issuance priced on Wednesday. It raised:
- €650mn 4Y bonds at a yield of 0.374%, 25bp inside initial guidance of MS+100bp area.
- €650mn 12Y bonds at a yield of 1.248%, 25bp inside initial guidance of MS+130bp area.
- €800mn 20Y bonds at a yield of 1.807%, 25bp inside initial guidance of MS+160bp area.
The bonds have expected ratings of Baa2/BBB+/BBB in line with the issuer rating. BNP Paribas, Credit Suisse, Goldman Sachs, JP Morgan, Nomura and Standard Chartered Bank were the joint lead managers and joint book-runners for the deal. The Philippines has previously issued two euro bonds in 2019 and 2020, with its 0.875% 2027s and 0.7% 2029s currently yielding 0.46% and 0.56% respectively.