ROP launches latest dollar linked notes tranche

Government sees overwhelming demand for third in the series of dollar-linked Peso notes.

The Republic of the Philippines pleased local bond market investors late last week with the launch of the third tranche from its US dollar-linked Peso notes DLPN programme. Deutsche Bank, Multinational Investment Bancorporation and Rizal Commercial Banking Corp. acted as joint financial advisors and lead managers for the Ps5 billion $93.4 million.

It is claimed that the program, in which the payments on the notes are linked to movements in the US$-Ps exchange rate, is...

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