ROP is going Japanese

The Republic of the Philippines has mandated Daiwa and Nikko Salomon Smith Barney for a Y70 billion bond.

The Republic of the Philippines is planning to re-enter the Samurai market next month with its first transaction in nearly four years. Daiwa and Nikko Salomon Smith Barney have been mandated for a Y50 billion to Y70 billion roughly $500 million to $700 million offering which may complete the government's official funding requirements for the year.

Diversification into yen at a time when a number of emerging market borrowers have been able to successfully tap the sector has been applauded by observers. The strategy also makes sense in the light of the Republic's recent borrowing history, which has been marred by a messy $1.6 billion offering in the dollar market in...

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