Yet another misguided bond offering from Napocor?

Scepticism greets an RFP (Request for Proposals) for a $600 million issue guaranteed by the Republic of the Philippines.

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.

The new proposal has been prompted by an increased cash shortfall at Napocor as a result of the government's recent decision to reduce its tariff surcharge, but has...

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222