Philippines expected to offer $1 billion equivalent in new notes and tap of 2030 issue

By Paul A. Harris

St. Louis, Jan. 3 - The Republic of the Philippines is expected to launch and price $1 billion equivalent offering of dollar-denominated and euro-denominated global bonds later this week, according to market sources.

Citigroup; Credit Suisse First Boston, Deutsche Bank Securities and UBS Investment Bank will lead the deal.

The issuance is expected to come as a new issue of 30-year notes and/or a tap of the Philippines 9½% bonds due Feb. 2, 2030, said a trader who focuses on high-yielding Asian credits. The source added that the issuance is also expected to include new euro-denominated 10-year notes.

Proceeds will be used for general purposes including budgetary support.

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