Philippines to issue global peso notes
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Preparations for the issuance of as much as US$1 billion (Bt30 billion) worth of global peso notes are well underway, according to the Philippines' Department of Finance, which is now in talks with three banks that may serve as lead arrangers for the inte
The Department of Finance has already secured the central bank’s approval for the issuance of the bonds in the international capital market, as well as the sale of another $500-million worth of bonds in the domestic market.
The bulk of the proceeds from the bond sale will go to the settlement of the government’s maturing obligations.
The bonds are also planned to be denominated in pesos, because the government wants to avoid increasing its exposure to foreign exchange risk, Purisima said yesterday.
