Philippines re-launches dollar bond

The Republic will re-launch only the Philippines seems capable of producing.

Lead managers HSBC, Salomon Smith Barney and UBS Warburg will begin a new accelerated bookbuild of a 10-year global today Monday after the deal failed to price on schedule at New York's open on Friday. The delay largely stems from confusing reports that the country's Finance Secretary Jose Camacho was resigning, which were then relayed across news wires and stopped the deal in its tracks.

As Camacho himself later explained to investors over a late night conference call, he had tendered his resignation two days earlier, but this was a purely courtesy measure in line with the rest of cabinet, who had all either handed verbal or written resignations to Executive Secretary Alberto Romulo....

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