Napocor lights up the market

With a history of failed attempts at bringing deals to the international debt capital market, Napocor finally gets it right.

The Republic of the PhilippinesÆ National Power Corp Napocor entered the international bond markets yesterday with a Reg-S144a $500 million bond issue. The deal enjoyed one of the most straightforward executions of a bond in recent months, providing a striking contrast to the problems that Napocor has had with other transactions in recent years.

The notes are irrevocably and unconditionally guaranteed by the Republic of the Philippines which has an unconditional direct guarantee on all of NapocorÆs debt obligations....

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