Philippines taps Citibank, Deutsche Bank to market global bond offering

08:29, September 10, 2010      

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The Philippine government has tapped the New York-based Citibank and the Dutch financial services giant Deutsche Bank to market its peso-denominated global bond offering, according to a statement issued Thursday.

The Philippines, Asia's largest sovereign issuer of foreign currency debt, has also cited Citibank, Credit Suisse, Deutsche Bank, Goldman Sachs (Asia), HSBC and JP Morgan as joint book runners for the bond sale.

Finance Secretary Cesar V. Purisima told reporters they expect to sell at least 500 million U.S. dollars for the 10-year IOUs which they will receive in local currency. Proceeds from the bond sale will be used to plug the projected 325 billion pesos (7.3 billion U.S. dollars) budget deficit for this year and finance infrastructure projects.

Moody's Investor Service assigned a Ba3 rating for the global peso bonds in recognition of the country's resilient external sector and the stability of its financial system. Likewise, Standard and Poor's rated the global bonds BB minus on back of the country's steady economic growth the past 10 years.

Source:Xinhua

(Editor:黄蓓蓓)

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