Citi, Deutsche & UBS win Philippine dollar bond mandate

Trio to launch first international bond since May.

The Republic of the Philippines has mandated Citigroup, Deutsche Bank and UBS to lead a proposed $1 billion - plus bond deal. The deal is expected to be a ten-year transaction.

The Philippines needs $850 million to complete its funding requirements for the year. The remaining portion is to be used as pre-funding for the 2006 budget.

The Philippines, Asia's largest seller of overseas debt, has not issued bonds since May following the surfacing of two scandals in June that have significantly weakened Arroyo's position in Malacanang palace and left her progressive economic proposals in limbo awaiting the outcome of the much maligned impeachment process.

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