Question: When is a mandate not a mandate?

Answer: when it comes from the Republic of the Philippines.

 

In a move that will do little to improve the sovereign's already battered reputation in the international debt markets, government departments sent out mixed signals this week about the prospect of a $300 million bond for the Department of Agriculture DoA.

A public battle of wills between the DoA and Department of Finance DoF over the former's plans to fund 14 irrigation projects in the international debt markets has been fought through a series of contradictory press statements. A domestic press release issued by the DoA at the end of last week claiming that it had mandated Deutsche Bank for a euro-denominated deal was followed on Tuesday,...

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