Napocor's new RFP

The power utility seeks proposals for a $250 million issue with an ADB guarantee.

An RFP Request for Proposals was issued earlier this week for Napocor's long awaited dollar deal with an ADB guarantee. The mandate had previously been awarded to Salomon Smith Barney and Lehman Brothers, but fell apart last October after Argentina defaulted on a similar structure with a World Bank guarantee.

Banks have until April 1 to submit proposals to Psalm Power Sector Asset Liability Management Corp. In the RFP the government agency says it is looking for 15 to 20-year debt and in the light of the current environment will not entertain the re-instatement of a guarantee.

Bankers have interpreted this to mean that Psalm has abandoned the idea of...

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