Philippines mandates euro-denominated bond

Despite past difficulties issuing in the currency, the Republic appears determined to try again so that it can on-lend proceeds to Napocor.

Deutsche Bank, Salomon Smith Barney and UBS Warburg have been mandated to lead manage what is expected to be an Eu250 million $224 million five-year offering, with roadshows tentatively scheduled to begin during the last week of November.

So far this year, the Department of Finance has won plaudits from most of its relationship bankers for dealing with widening spreads by pursuing a relatively careful international issuance policy, which has seen it take advantage of pockets of demand through a series of small-scale and hard underwritten deals. However, plans to issue in euros evoke memories of two unhappy brushes with the currency which led to the Republic's only existing benchmark, its...

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