The Republic of the Philippines continued its battle for acceptance with euro-denominated investors yesterday Thursday, pricing a reduced Eu300 million bond. At the same time, Ayala Corp launched a $150 million five-year deal via JPMorgan, which is expected to price later today.
Lead managers for the Philippines seven-year deal were Credit Suisse First Boston, Deutsche Bank and JPMorgan. Pricing came in line with the pre-marketed range on an issue price of 99.375% and coupon of 9.125% to yield 9.25%. This equated to a Bund spread of 570bp, a euribor spread of 555bp and an equivalent Libor spread at the same level.
Having built an order book of Eu450...
