Bank of the Philippine Islands (BPI), the country's third-largest lender, said mystery withdrawals and deposits reflected in accounts on Wednesday were caused by an internal error and not hackers. (Reuters Photo/Erik De Castro)

Philippines Launches 25-Year US Dollar Bond

BY :DANIEL STANTON

JANUARY 19, 2017

Singapore/Manila. The Philippines is marketing a 25-year US dollar benchmark bond, IFR, a Thomson Reuters publication, reported on Wednesday (18/01).

The Southeast Asian nation, one of Asia's active issuers of US dollar denominated debt, has the authority to raise up to $2 billion.

The bond sale proceeds will be used to finance President Rodrigo Duterte's record 3.35 trillion pesos budget and repay foreign debts, National Treasurer Roberto Tan said last week.

The bonds are marketed at initial yield guidance of 3.95 percent area, alongside a one-day tender offer for some of its outstanding dollar bonds, IFR said.

The country hired Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered and UBS as joint global coordinators and bookrunners for the new bond offering.

The Philippine sovereign is rated Baa2/BBB/BBB- by major rating agencies.

Reuters

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