The Philippines' planned issuance of $200 million worth of yuan-denominated panda bonds has been rescheduled for the first quarter of 2018, the country's finance minister said on Wednesday. The government, which was previously looking to launch its maiden panda bond offer around October or November this year, has tapped Bank of China to underwrite the issue.
Finance Secretary Carlos Dominguez also said the government was on track to issue global dollar-denominated bonds early next year, but has not yet finalised on the amount. "Similar to other fundraising activities, (the) panda bond offering is subject to favorable market conditions in the onshore RMB market and provides competitive pricing compared to other funding options," he told reporters.
National Treasurer Rosalia de Leon said in September the Philippines planned to issue $1 billion in sovereign global bonds to help finance next year's record budget. Borrowing from both domestic and foreign sources was expected to reach 888 billion pesos ($17.6 billion) next year. Moody's and Standard & Poor's both rate the country two notches above investment grade, impressed by its improved fiscal position and debt management programmes.
Comments
Comments are closed for this article.