Investors evaluate Philippines' $1.5 billion bond buyback

The ROP offers a chance to cash out with its bond buyback, but will investors let go of their high-yielding bonds?
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Photo: AFP</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: AFP</div>

The Republic of the Philippines (ROP) on Monday offered to buy back $1 5 billion worth of US dollar and euro global bonds for cash Citigroup and J P Morgan are joint global coordinators and dealer managers Goldman Sachs, HSBC, Standard Chartered Bank and UBS are joint dealer managers

The Philippines aims to buy close to 10% of its outstanding $17 7 billion worth of bonds and has told investors the minimum clearing prices for the bonds, which range from $1,100 for the 9% bonds maturing February 2013 to $1,532 50 for the 10 625% bonds maturing March 25, 2025 The offer expires on October 13, 5pm New York time  

The bond buyback is part...

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