Philippines trio head to international bond markets

Philippines borrowers look set to return to centre stage, with transactions pending for PLDT, Napocor and the Republic.

Bond mandates and launch schedules sometimes appear to be a movable feast in the Philippines and never more so than over the last few weeks. Uncertainty about the outcome of elections, ministerial re-shufflings and the fate of the Omnibus power bill, have thrown a number of timetables up in the air.

However, with sovereign credit spreads tightening by 100bp in just under a month, the Republic's three benchmark borrowers have become more attuned to taking advantage of market conditions while they can. PLDT, which used to be an annual fixture in the emerging markets calendar in late spring, is likely to return for the first time in...

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