Philippines and Malaysia launch bond deals on top of each other

With HSBC as global co-ordinator, alongside Deutsche Bank and JPMorgan as joint bookrunners, pre-marketing begins this morning (Monday) for a $700 million transaction. Ironically, the uncharacteristic secrecy surrounding the deal appears to have worked too well and it now looks to be coming right on top of a competing sovereign issue from the Federation of Malaysia. Having similarly kept its cards close to its chest, Malaysia is also said to be a day away from launch under the still unconfirmed lead of Morgan Stanley and UBS Warburg.