The Philippines plans second peso global next year

Bankers are preparing for the sovereign bond rush that typically augurs the start of the New Year. Aside from the Philippines, another candidate that could hit the market early is Indonesia, while Vietnam and Mongolia remain outliers.

The Republic of the Philippines RoP is planning to issue its second benchmark peso-denominated global bond early next year, according to various sources. A benchmark is typically at least $500 million in size. No RFPs requests for proposals have been sent out, but in the past the RoP has customarily held beauty contests before the Christmas break for its US dollar issues.

The RoP is planning to issue a peso global instead of a dollar bond as the Philippine central bank does not want a US dollar liability, said a source.

A second peso global would also enable the sovereign to tap any pent up demand that...

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