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Investment Grade Status a Boon for Philippines

By Elise ~ January 10th, 2014 @ 5:29 pm

The Republic of Philippines is making the most of investment grade status. The country has raised a senior ten year unsecured note with a value of US$1.5 billion. This is the third time in a week that a sovereign has struck at global debt markets, and the first dollar note raised by the Philippines in two years.

The transaction was also the first “accelerated switch tender” to take place in the entire continent of Asia. This type of transaction, which is common in the West but previously unseen in Asian markets, involves an offer from the issuer to buy existing bonds back at a set price and then replace them with the new issue. The transaction offers several benefits, not least of which is speed. It can usually be carried out within the day, while more traditional outright tenders usually take anything from five to ten days.

The decision to execute the transaction in this manner was made to better benefit the Philippine’s liability management program, and many experts believe that it may lead to more transactions of this type taking place in the future.

The accelerated switch tender transaction is obviously beneficial to investors, as it provides them with an opportunity to make an easy sale of their existing holdings. However, it also benefits the issuer by creating significantly more demand for the untendered cash portion and cutting down funding costs.

The intraday speed of the transaction is also beneficial to both issuers and investors. Demand is higher because the speed motivates investors to take part. This is not just down to convenience but also to the fact that the risks posed by interest rates and market forces are significantly reduced by the shorter timeframe.

Notes tendered as part of the transaction equated to around US$1 billion. The rest of the transaction went into new cash accounts.

The transaction was made possible thanks to the Philippines’ relatively recent acquisition of investment grade ratings. The country’s first investment grade rating was granted by Fitch in March 2013. In May of the same year, Standard & Poor did likewise, and they were followed in October by Moody’s Investors Service. Since then, the Philippines has been actively courting investment in a number of ways.

Currently, the country’s latest bond issue is trading well. Orders from approximately 500 investors poured in upon its being offered up, totalling a value of roughly US$13.5 billion. Investors from the US got the largest share of notes, accounting for 53% of the total. 28% went to Asian investors and 19% to Europeans.


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