Philippines and Malaysia launch bond deals on top of each other

One of the best-kept secrets in the Asian bond markets finally comes to an end as the Republic of the Philippines launches its anticipated seven-year dollar benchmark.

With HSBC as global co-ordinator, alongside Deutsche Bank and JPMorgan as joint bookrunners, pre-marketing begins this morning Monday for a $700 million transaction. Ironically, the uncharacteristic secrecy surrounding the deal appears to have worked too well and it now looks to be coming right on top of a competing sovereign issue from the Federation of Malaysia. Having similarly kept its cards close to its chest, Malaysia is also said to be a day away from launch under the still unconfirmed lead of Morgan Stanley and UBS Warburg.

Investors report that the Philippines' issue will be soft marketed for one day, before being formally launched on Tuesday and either priced later that day, or Wednesday....

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