Philippines launches benchmark-sized global bond offer: term sheet

THE Philippines is returning to the global bond market with a benchmark-sized US dollar bond offer with tenors of 5.5, 10.5 and 25 years, a term sheet showed on Monday.

The dollar bond offer follows the South-east Asian country’s US$2 billion three-tranche global bond deal in early October, the first offshore debt issue by the administration of President Ferdinand Marcos Jr. Proceeds will be used for budget financing, with the 25-year tranche comprising green or sustainability bonds. The Philippines has set the initial price guidance at Treasuries plus 155 basis points (bps) for the 5.5-year tranche, plus 195 bps for the 10.5-year tranche, and at the 5.95 per cent area for a 25-year sustainability bond, fixed income news provider IFR reported . BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank and UBS were tapped as joint lead managers and joint bookrunners. REUTERS