Yet another misguided bond offering from Napocor?

Scepticism greets an RFP (Request for Proposals) for a $600 million issue guaranteed by the Republic of the Philippines.

The Philippines power utility sent out an RFP on Friday for submission by Thursday June 6 in the hope of raising $600 million from a hard-underwritten issue out to 20-years, with a possible bridge in the event that the deal does not take place by a scheduled launch date in July. This latest RFP follows a separate request for a $750 million issue with a partial guarantee by the Asian Development Bank, submissions for which are due by this Friday...

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