Philippines' Psalm plans up to $1 billion bond issue for Napocor

By Aaron Hochman-Zimmerman

New York, May 12 - Power Sector Assets and Liabilities Management Corp. (Psalm) plans to issue as much as $1 billion in bonds (B1/BB-/), according to a market source.

The bonds will price on behalf of the public utility Napocor.

Deutsche Bank, HSBC and Morgan Stanley will act as bookrunners for the deal.

No timing has been released for the deal.

Power Sector Assets and Liabilities Management Corp. is a Manila-based power company.

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