Phl raises $1.5 B global bonds sale

MANILA, Philippines (Xinhua) - The government announced today that it was able to raise $1.5 billion from the sale of dollar-denominated global bonds.

The tender marked the first international offering from the Philippines since January 2012 and the country's first ever international investment-grade issuance.

The dollar-denominated bonds were priced at par with a yield of 4.2 percent and will mature in 2014.

Finance Secretary Cesar V. Purisima said in a statement that proceeds from the bond sale will be used to buy back foreign currency bonds and to beef up the government's budget.

Deutsche Bank, HSBC and Standard Chartered Bank served as joint global coordinators and dealer managers for the transaction. ANZ, Citi, Deutsche Bank, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley and Standard Chartered Bank acted as joint book runners.