Philippines hires 9 banks for dollar bond - IFR

Reuters

Posted at Dec 01 2014 05:44 PM | Updated as of Dec 02 2014 01:44 AM

MANILA - The Philippine government has mandated Deutsche Bank and HSBC as joint global coordinators for an offshore offering of dollar bonds, IFR reported, without saying where it got the information from.

The report followed remarks by National Treasurer Rosalia de Leon saying the government would prefer to sell a long-term, benchmark-sized bond issue when it returns to the offshore debt market, possibly early next year.

Deutsche and HSBC will also be joint bookrunners along with Citigroup C.N, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, Standard Chartered and UBS, according to IFR, a Thomson Reuters unit.

De Leon neither confirmed nor denied the IFR report. She reiterated there was no formal mandate yet given to any banks.

"We're still in the process of market consultation," she said.

The Philippines issued a $1.5 billion 10-year bond to yield 4.2 percent in January 2014. The sovereign is rated Baa3 by Moody's, BBB by Standard & Poor's and BBB- by Fitch.

"We're looking at a longer term (bond), a benchmark of $750 million to $1 billion," de Leon told reporters before the IFR report was published, adding that there is demand for long-term issues though she declined to be specific on the tenor the government is looking at.

On Friday, de Leon said the government was on the lookout for market opportunities to "do a dollar funding or a liability management structure."