Wednesday, 7 January 2009

Philippines Raises $1.5 Billion in Bond Sale. Results Out! We're Quicker Than Newswires

Risk appetite is coming back. Low yields in the U.S. are feeding again demand for emerging market debt ... this might be key for some countries to ease their funding requirements and try to seal them until the dust settles. The Philippines´s bond sale final results follow:

  • Issuer: Republic of the Philippines
  • Ratings: B1/BB-/BB positive/stable/stable
  • Deal Size: US$1.5 Billion
  • Price: 99.158
  • Coupon: 8.375%
  • Yield: 8.50%
  • Spread: UST 3.75% 11/18 + TBD basis points (bps)
  • Settlement Date: 14th Jan 2009
  • Maturity Date: 17th June 2019 (short first coupon, 17th June 2009)
  • Managers: Credit Suisse, Deutsche bank, HSBC Holdings Plc.

Bloomberg writes: ''Money market rates and corporate bond risk benchmarks suggest the healing has started. The Libor-OIS spread, a measure of cash scarcity, has narrowed since September and the London interbank offered rate that banks charge each other for three-month dollar loans is at its lowest for more than 4 years.´´ So risk appetite is back ... perhaps the next step we will see is ultra good corporates seeking to resume road shows and trying to tap markets -- the challenge for companies will be to learn for how long this window of opportunity will remain open.

2 comments:

  1. Guillermo, tienes el resultado final por favor????

    Gracias, Juan D.

    ReplyDelete
  2. Get ready for Pemex, Ecopetrol, Petrobras sales, now that the sovereigns are out of the gate.

    ReplyDelete