HONG KONG - The Philippines signed an agreement with Bank of China last week for a planned 1.4 billion yuan (P10.7 billion) Panda bond issue in China's interbank bond market.
Bank of China has been appointed lead underwriter and sole bookrunner on the proposed offering, according to a press release by the Chinese lender.
The agreement was signed during Chinese Premier Li Keqiang's visit to Manila after he attended a series of meetings including the 12th East Asia Summit last week.
In late September, Philippine officials visited China to pitch a planned offering of renminbi Panda bonds and to discuss investment opportunities in the country's infrastructure projects.
Standard Chartered Bank has also been hired as joint lead arranger on the Panda offering, according to market sources.