RP mulls $500-M global bond issue
Reuters | 07/03/2009 2:43 PM
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MANILA - The Philippines will likely issue $500 million worth of global bonds should the government decide to go back to the overseas debt market this year, National Treasurer Roberto Tan said on Friday.
"If ever (we will issue), it will be $500 million, subject to approvals," Tan told Reuters, adding that a planned Samurai bond offer also remained an option.
Tan said the government has sought the central bank's go ahead for a $500 million to $1 billion dollar bond offer. Manila has received some underwriting proposals from banks, he said.
Finance Secretary Margarito Teves said on Wednesday a global issue could be a cheaper option for Manila unless the Japan Bank of International Cooperation (JBIC) agrees to reduce a guarantee fee on the planned Samurai bond offer.
The Philippines and JBIC have agreed on a 95 percent guarantee for a Samurai bond issue of up to $1 billion over two years.
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