MANILA, Philippines – The government has started the issuance of new Republic of the Philippines (ROP) bonds to global investors in line with the programmed foreign borrowing for this year.
In a statement, the Philippine government said a global offering for cash of its global bonds, to be denominated in US dollars, due 2040 commenced on Jan. 5 (US time).
No issuance amount was indicated in the statement, although the program for external commercial funding in 2015 is $750 million. The Bangko Sentral ng Pilipinas, meanwhile, in December 2014 approved the issuance of up to $1 billion in ROP bonds for 2015.
The joint lead managers for the new bond offering are: Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., Goldman Sachs (Asia) L.L.C., The Hong Kong and Shanghai Banking Corp. Ltd. (HSBC), J.P. Morgan Securities LLC, Morgan Stanley & Co. International plc, Standard Chartered Bank and UBS AG, Hong Kong Branch.
The dealer managers, meanwhile, are Deutsche Bank and HSBC.
The settlement of the new ROP bond offering has been set to be made on Jan. 20, the Philippine government said.
The Philippines also issued an invitation to holders of 15 previous ROPs to submit offers to sell the bonds for cash in an aggregate purchase price amount.
National Treasurer Rosalia V. de Leon said in 2014 that the share of foreign borrowings in the government’s financing program for 2015 would slide to 14 percent from 17 percent in 2014.
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