ROP is going Japanese

The Republic of the Philippines has mandated Daiwa and Nikko Salomon Smith Barney for a Y70 billion bond.

The Republic of the Philippines is planning to re-enter the Samurai market next month with its first transaction in nearly four years. Daiwa and Nikko Salomon Smith Barney have been mandated for a Y50 billion to Y70 billion roughly $500 million to $700 million offering which may complete the government's official funding requirements for the year.

Diversification into yen at a time when a number of emerging market borrowers have been able to successfully tap the sector...

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