Citigroup (NYSE:C) and Deutsche Bank (NYSE:DB) coordinated the sale of $1 billion in peso-denominated bonds for the Philippines, the first time it has been done on a global basis.
The Philippine Finance Ministry said the bonds were 4.95 percent notes yielding 5 percent, and are due January 2021.
Treasurer Roberto Tan said, “The Peso Global Bond is expected to enhance the government’s debt investor profile while paving the way for greater participation by offshore investors in the Philippine capital markets.”
The pesos bonds were hot because they are exempt from 20 percent tax on the interest, and Asian investors acquired 37.1 percent of the bond offering; U.S. investors 32.6 percent; and investors from Europe the rest, according to the Philippine government.
Also helping with the issuance were Goldman Sachs (NYSE:GS), JPMorgan (NYSE:JPM), HSBC (NYSE:HBC) and Credit Suisse (NYSE:CS).
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