Republic of the Philippines seeks new dollar bond

Submissions for an informal RFP (Request for Proposals) to raise $300 million to $500 million closed yesterday (Wednesday).

Bowing to market concerns about the ability of the National Power Corporation Napocor to borrow funds in its own name, the Republic has taken the initiative for the third time this year. While submissions for a $600 million deal to be issued by Napocor itself still fall due today, it now seems highly likely that the Republic will borrow and on-lend the proceeds instead.

Banks were asked to submit proposals on a both a best efforts and hard underwritten basis for either a three to five-year issue, or a re-opening of the Republic's 2008, 2009, or 2010 bonds. Officials said that use of proceeds could cover a number of items of which Napocor is one...

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