Philippines mandates three for tap...

... but may be changing its mind in the wake of Indonesia''s trading performance.

The Republic of the Philippines mandated Deutsche Bank, HSBC and JPMorgan for a $500 million or so benchmark tap of its 2015 bond on Wednesday. The two most striking aspects of the prospective transaction are its timing, which is unfortunate and the fees, which are pitiful and show that the reality of a free deal is inching ever closer for Asia's most prolific borrower.

At 3bp, the Republic is set to pay the lowest fee on record for an Asian public sector bond deal and half of what it paid for the last tap of its 2015 bonds last September. For two of the three lead managers, however, the deal...

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