Napocor RFPs $1.5 billion bond issuance

The Philippines utility with an uncanny knack of completely misreading the market seeks financing proposals for 2004.

The National Power Corporation of the Philippines Napocor sent out a verbal RFP yesterday Thursday seeking proposals to raise up to $1.5 billion during the first quarter of 2004.

The utility says it is open to either dollars or euro and will consider a range of maturities spanning five, seven, 10, 15 or 20 years. It also adds that it will give preference to proposals for transactions in its own name, rather than those with a sovereign guarantee.

Responses are due by December 5. However, bankers that received the RFP have responded with complete incredulity. Time and time again, Napocor has tried to raise funds in its own name, yet in...

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