Philippines to issue $300 million add-on to dollar-denominated bonds due 2011 and 2014

By Reshmi Basu

New York, April 26 - The Republic of Philippines plans to issue a $300 million add-on to its 8 3/8% bond due 2011 and 8¼% bond due 2014, according to market sources.

The $300 million amount is expected to be split almost evenly between the notes.

The bonds are expected to price this week or the week of May 3.

Deutsche Bank and Morgan Stanley are running the offering.

Proceeds will be used by government-owned National Power Corp (Napocor).

Pricing is expected at a slight concession to secondary market levels.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.