Philippines plans RMB 1.46 billion issue of three-year Panda bonds

New York, March 19 – The Philippines plans to offer RMB 1.46 billion of Panda bonds in its first offering of renminbi-denominated debt in the onshore China market, according to a news release.

The three-year bonds will price on March 20 and settle on March 23.

Offshore investors will be able to participate in the transaction through the Bond Connect provision.

A roadshow to market the debt was held from March 14 to March 16 in Singapore, Hong Kong and China.

Proceeds will be used to fund infrastructure projects and for other financing requirements.

The bonds will be rated AAA by Lianhe Credit Rating Co. Ltd.

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