Philippines mandates euro

The Republic prepares to launch its third euro-denominated deal, mandating Credit Suisse First Boston, Deutsche Bank and JPMorgan.

An Eu500 million $539 million seven-year deal is expected to receive Monetary Board approval on Thursday paving the way for launch as early as next week. The Republic has said that it wants to get funding locked in place by the end of the month, but its timing and strategy is already drawing criticism.

In a year when the government and Napocor needs a combined total of roughly $4 billion, no-one doubts the necessity of frequent sovereign issuance. However, the wisdom of attempting such a strategically sensitive transaction just as the European continent girds itself for war against Iraq has been called into question. A number of bankers believe it would make far...

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