Philippines circulates request for proposals, seeks to raise up to $1 billion

By Paul A. Harris

St. Louis, June 6 - The Republic of the Philippines has sent out a request for proposals to investment banks as it seeks to complete its 2006 funding by raising up to $1 billion in the international debt market, according to a market source.

The source added that the Philippines had planned to raise $3.1 billion in 2006, of which it has thus far funded $2.1 billion.

The source said there is no indication yet as to where on the maturity curve the government might choose to issue debt.

The Philippines last came to the global bond market in early January with $2.1 billion equivalent of 7¾% dollar-denominated bonds maturing in January 2031 and 6¼% euro-denominated bonds maturing in March 2016.

Credit Suisse, Citigroup and Deutsche Bank managed the sale.

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