Philippines borrowing: the boy done good?

National Treasurer Sergio Edeza outlines the Republic''s fundraising strategy for the remainder of 2003 and explains why he''s more optimistic the Philippines will avoid a ratings downgrade as revenue collections continue to improve.

Let's start with 2002. Which transactions do you think worked best for you

I'd say the ones of January and March Editor's note a $$750 million 15 put 10 issue in January via CSFB and Morgan Stanley and a $1 billion seven year in March via HSBC, Deutsche Bank and JPMorgan. They both came towards the beginning of the year before there were too many surprises about the budget deficit. And although the March transaction was bigger, we thought the January deal had better execution. It came right at the beginning of the year and didn't compete against other sovereigns issuing at the same time editor's note Malaysia. We...

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