Napocor begins roadshows

Presentations begin in Hong Kong today (Thursday) for the power utility''s controversial dollar bond deal.

The $500 million seven-year deal led by Bear Stearns with JPMorgan as joint-lead has been maligned by just about every single Asian DCM specialist. All believe that it will prove to be a costly waste of time and end up saying more about the way mandates should not be awarded in Asia.

The deal carries an unusual sovereign guarantee as well as political risk insurance PRI and is expected to price either Thursday or Friday of next week after a week's roadshows undertaken by two teams, one of which will be led by national Treasurer Sergio Edeza. Indicative price talk is 50bp through the sovereign curve, although Philippines specialists believe that Napocor will be...

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