Philippines Taps Banks for Bond in $7 Billion Debt Plan

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The Philippine government has mandated banks to sell a planned dollar bond, as it weighs raising as much as $7 billion via foreign commercial notes this year, Bloomberg News reported. The banks include Goldman Sachs, Citigroup, Credit Suisse, Deutsche Bank, Mizuho Bank, Morgan Stanley, Standard Chartered Bank, UBS, and Bank of China, said the person, who asked not to be identified because the discussions are private. The timing of any debt sale also depends on global events such as the U.S.-Russia standoff over Ukraine, the person said. The prospect of higher U.S. interest rates is crimping debt sales across Asia. Indonesia is breaking with the practice of tapping the market early in the year and will instead look for a window of opportunity to issue new debt in anticipation of the Federal Reserve tightening, a finance ministry official told Bloomberg. The Philippines is also due to price peso-denominated retail treasury bonds on Feb. 15, in what market participants expect to be a large offering. Read more.