Filed pursuant to Rule 433
Registration Statement No. 333-192805
January 6, 2015
Final Term Sheet
| Issuer | Republic of the Philippines | |
| Issue currency | US$ | |
| Amount issued | US$2,000,000,000 | |
| Security type | Senior Unsecured Bonds | |
| Coupon | 3.95% | |
| Interest Payment dates | January 20 and July 20 | |
| Maturity date | January 20, 2040 | |
| CUSIP | 718286 BZ9 | |
| Public Offering Price | 100% | |
| Proceeds before expenses | US$1,999,000,000 | |
| Settlement date | January 20, 2015 | |
| Reference benchmark | 3.125% UST due August 2044 | |
| Benchmark yield | 2.527% | |
| Re-offer spread over benchmark | 142.3 bps | |
| Re-offer yield | 3.95% | |
| Denominations | US$200k/1k | |
| Day count | 30/360 | |
| Joint Global Coordinators | Deutsche Bank Securities Inc. and The Hongkong and Shanghai Banking Corporation Limited | |
| Joint Lead Managers and Joint Bookrunners | Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc, Standard Chartered Bank and UBS AG, Hong Kong Branch | |
| 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 tenth 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 three business days, unless the parties to a trade expressly agree otherwise. Accordingly, purchasers who wish to trade global bonds on the date of pricing or the next succeeding business day will be required, by virtue of the fact that the global bonds initially will settle in T+10 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 atwww.sec.gov. Alternatively, an underwriter or dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citi toll-free at 1-877-858-5407, Credit Suisse toll-free at 1-800-221-1037, Deutsche Bank toll-free at 1-800-503-4611, Goldman toll-free at 1-866-471-2526, HSBC toll-free at 1-866-811-8049, J.P. Morgan toll-free at 1-866-846-2874, Morgan Stanley toll-free at 1-866-718-1649, SCB toll-free at 1-800-778-2777 or UBS AG toll-free at 1-877-827-6444 ext 561-3884.
The prospectus can be accessed through the following link:http://www.sec.gov/Archives/edgar/data/1030717/000119312515002056/d840177d424b3.htm
