Republic of the Philippines prepares new dollar deal

The government has changed tack once again, abandoning plans for a non-deal roadshow in favour of a lightening strike on the international debt markets.

Aping the perceived success of Malaysia's $1 billion bond issue of last week, the Republic of the Philippines is asking banks to make immediate bids on a $500 million transaction of its own. The new strategy, which has caught most of the country's relationship bankers off guard, follows the postponement of a non-deal roadshow, originally scheduled to begin in Asia on Tuesday.

After shifting the start date around a couple of times, the Republic is now said to be in favour of selling its story to investors in September and pushing a deal out in the interim period. Bankers believe the main reason for delaying presentations is the 'state of the union address' scheduled...

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