US$500 Million Notes due 2016; Statistics
For this year, my job in PSALM only requires me to work non-stop for two weeks.Most of it, however, were spent coordinating information from NPC people to the transaction counsel.The deal was quick because we were just lucky. There was so much liquidity in the market. It does not require so much brouhaha. It was just tiring because I was surrounded with drama queens. So much of the crap talk, here are the stats.
Terms
Issuer : National Power Corporation
Guarantor : Republic of Philippines
Issue Ratings : BB-/BB
Guarantor Ratings : B1/BB-/BB
Size : $500mm Reg S/ 144a
Yield : 6.875% s/a 30/360
Maturity : 02NOV2016
S/D : 02NOV2006
Spreads : UST+ 207, L+202, 27.5 over implied ROP curve (+30.5 over the OCT16, and 40.5 JAN16)
Price : Par
Books : Citi / DB
Denoms : 100k, 1k
Listing : Singapore
Headlines
Lowest coupon ever
Tightest spread to sovereign since crisis
Largest book ever for Natpow deal
Fastest deal ever for Natpow (14 hour execution)
Book colour
Books over 10X oversubscribed
210 investors
15 orders of over 100mm
Over 100 investor new to the NPC
Geographic Split
USA 31%
Sing 20%
Phils 14%
Cont 14%
UK 12%
HK 8%
Other Asia 2%
Investor Type
Funds 49%
Banks 24%
Ins/pension/cb 21%
Retail 6%
posted by JD @ 11:48 AM
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