MANILA, Philippines - The Philippines launched a 10-year global peso notes issue, with pricing expected later on Thursday, to raise funds to buy back expensive foreign debt as part of its debt liability management program.
Manila has an authority from the Philippine central bank to sell as much as $1 billion of the local-denominated bonds.
Rosalia de Leon, head of the International Finance Group, said the bonds would be priced on Thursday New York time.
HSBC, Credit Suisse and Deutsche Bank were appointed as joint global coordinators and deal managers.
Already, Moody's Investors Service has assigned a provisional rating of (P)Ba1 to the forthcoming global Philippine peso-denominated bond issuance.