Yet another misguided bond offering from Napocor?

The Philippines power utility sent out an RFP on Friday for submission by Thursday June 6 in the hope of raising $600 million from a hard-underwritten issue out to 20-years, with a possible bridge in the event that the deal does not take place by a scheduled launch date in July. This latest RFP follows a separate request for a $750 million issue with a partial guarantee by the Asian Development Bank, submissions for which are due by this Friday and is scheduled for launch by September.