A new issuer from the Philippines

The Philippines National Oil Corporation(PNOC) issues a request for proposals (RFP).

Banks have been asked to submit proposals for a $200 million 10-year deal for government-owned PNOC, the parent company of PNOC-EDC, which is also about to launch a $150 million syndicated loan.

Submissions are due by December 5 and the company is said to be targeting a launch date in January in order to re-finance a syndicated loan, which falls due early next year. The transaction will be backed by a full sovereign credit guarantee and if it emerges, will mark a debut offering for a group responsible for the country's exploration and production of indigenous energy sources. However, given that sovereign guaranteed debt by the National Power Corporation Napocor now trades at...

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