Philippines closes dollar bond exchange

In keeping with Philippine Treasury Secretary Cruz's disciplined approach to funding, Goldman Sachs and JPMorgan complete the Republic's third exchange.

The Republic of the Philippines has completed an exchange of existing dollar-denominated bonds for two new longer-dated benchmark securities.

Managed by Goldman Sachs and JPMorgan, the programme is the third instalment of the sovereignÆs liability management programme. The two previous consolidation programmes were for peso-denominated debt.

Eligible bonds consisted of the outstanding 7.50% bonds due 2007, 8.875% bonds due 2008, 8.375% global bonds due 2009, 9.875% global bonds due 2010, 9.00% global bonds due 2013, 8.25% global bonds due...

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