Filed pursuant to Rule 433
Registration Statement No. 333-208780
April 27, 2020
US$1,350,000,000 2.950% Global Bonds due 2045
Final Term Sheet
Issuer | | Republic of the Philippines |
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Issue Currency | | US$ |
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Amount Issued | | US$1,350,000,000 |
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Security Type | | Senior Unsecured Bonds |
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Coupon | | 2.950% |
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Interest Payment Dates | | May 5 and November 5 |
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Maturity Date | | May 5, 2045 |
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CUSIP | | 718286 CH8 |
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Public Offering Price | | 100.000% |
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Proceeds before Expenses | | US$1,349,325,000 |
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Settlement Date | | May 5, 2020 |
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Reference Benchmark | | 2.375% UST due November 15, 2049 |
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Benchmark Yield | | 1.259% |
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Re-offer Spread over Benchmark | | 169.1bps |
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Re-offer Yield | | 2.950% |
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Denominations | | US$200k/1k |
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Day Count | | 30/360 |
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Joint Lead Managers and Joint Bookrunners | | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Goldman Sachs (Asia) L.L.C., Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch |
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Settlement and Delivery | | The Republic expects that delivery of the global bonds will be made against payment therefor on or about the Settlement date, which will be the sixth business day following the date of pricing of the global bonds. Under Rule 15c6-1 of the Securities Exchange Act of 1934, trades in the secondary market generally are required to settle in two business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade global bonds prior to delivery of the global bonds will be required, by virtue of the fact that the global bonds initially will settle in T+6, to specify alternative settlement arrangements to prevent a failed settlement. |
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission at www.sec.gov. Alternatively, an underwriter or dealer participating in the offering will arrange to send you the prospectus if you request it by contacting Citigroup at Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by calling toll-free +1-800-831-9146.
The prospectus can be accessed through the following link:
https://www.sec.gov/Archives/edgar/data/1030717/000104746920002585/a2240933z424b3.htm
MiFID II professionals/ECPs-only — Manufacturer target market (MIFID II product governance) is eligible counterparties and professional clients only (all distribution channels).
