Philippine sovereign sends RFP for potential dollar bond

The Republic of the Philippines yesterday sent an RFP for a potential dollar bond, setting up a race with Indonesia to see who can tap the market first.

The Republic of the Philippines has done it again. Just two months after raising $1 billion in the peso global market, the sovereign borrower is planning to return with a US dollar bond.

In a surprise move, the Philippines’ finance ministry yesterday sent a request for proposals to 10 to 15 banks for the potential bond issue, according to a source. The deadline for submissions is Friday March 11.

The Philippines, known for its impeccable timing, might try to time the deal ahead of Indonesia, which is planning its own dollar global bond. Deutsche Bank, J.P. Morgan and UBS are mandated for the Indonesian deal, which...

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