Republic of The Philippines (PHGV) 2023-1

CCYSZE(M)TNRMTYRNKMOSPFITYPEBNCHIPTGDNCSPRDCPNNICPRICE
USD500.0005.5Jul-28Sr. UnsecuredBaa2BBB+BBBFixedTsyT+155 aT+1051054.63%-99.43500
USD1,250.00010.5Jul-33Sr. UnsecuredBaa2BBB+BBBFixedTsyT+195 aT+1451455.00%-99.99200
USD1,250.00025Jan-48Sr. UnsecuredBaa2BBB+BBBFixedTsy5.95% a5.50%180.25.50%-100.00000
Tranche Comments
5.5 yr: Registration: Registered; Comments: USD500m 5.5yr 4.625% cpn at 99.435, yld 4.763 part of SEC 3-tranche. Baa2/BBB+/BBB. BofA/DB/GS/HSBC(B&D)/MS/StCh/UBS. IPG 5.50yr T+155 area. FPG T+105#. launch 5.5yr US$500m at CT5+105 bps. Distribution: EMEA 34%, Asia 32%, US 30%, Phils 4%. FM 65%, CB/SWF/Ins/PF 17%, Bks/FI 17%, Corp/PB 1% LEI: 529900RAHBALMYIJ3T08; 10.5 yr: Registration: Registered; Comments: USD1.25bn 10.5yr 5.00% cpn at 99.9920, yld 5.001% part of SEC 3-tranche. Baa2/BBB+/BBB. BofA/DB/GS/HSBC(B&D)/MS/StCh/UBS. IPG 10.50yr T+195 area. FPG T+145#. launch 10.5yr US$1.25bn at CT10+145 bps. Distribution: US 46%, Asia 28%, EMEA 21%, Phils 5%. FM 67%, Bks/FI 16%, CB/SWF/Ins/PF 15%, Corp/PB 2% LEI: 529900RAHBALMYIJ3T08; 25 yr: Registration: Registered; Comments: USD1.25bn 25yr 5.50% cpn at 100.00, yld 5.50% part of SEC 3-tranche. Baa2/BBB+/BBB. BofA/DB/GS/HSBC(B&D)/MS/StCh/UBS. IPG 25yr sustainable Yld 5.95% area. FPG 5.5#. launch 25yr US$1.25bn at yld 5.5% Distribution: US 48%, Asia 28%, EMEA 22%, Phils 2%. FM 65%, CB/SWF/Ins/PF 22%, Bks/FI 12%, Corp/PB 1%. LEI: 529900RAHBALMYIJ3T08;
Deal Comments
Sustainability Bond (25yr)
Use of Proceeds
General budget financing (5.5yr, 10.5yr); Finance assets in line with the Philippines' sustainable finance framework (25yr)