Philippines completes largest international bond of 2004

Republic starts to wrap up funding for the 2004 financial year with its biggest bond deal so far.

The Republic of the Philippines re-opened two of its longer duration bonds yesterday September 8 and upsized the entire deal on the back of a strong order book. Having generated $4.5 billion in demand, the deal was increased from $750 million to $1 billion.

Of this amount, $750 million is being on-lent to Napocor and $250 million will be put towards the Republic's own budget deficit funding requirements. The deal was led by Credit Suisse First Boston, Deutsche Bank and JPMorgan.

The three lead managers received the kind of low fees, which have become customary for Philippine sovereign deals. The 10.625% 2025 bond was re-opened for...

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