MANILA – Fitch Ratings has assigned a ‘BBB’ rating on the country’s proposed euro-denominated bonds, the same rating as that of the sovereign.
“The Philippines intends to use the net cash proceeds from the sale of the global bonds for general purposes, including budgetary support,” it said in a rating action commentary, adding it affirmed the country’s long-term foreign and local-currency issuer default ratings (IDRs) last Jan. 10.
Information from the US Securities and Exchange Commission (SEC) showed that the proposed debt offering involves “four-year and/or 12-year and/or 20-year euro-denominated US SEC-registered senior unsecured benchmark bond.”
It said the debt papers may be offered “subject to market conditions” after a series of investors' meetings in Asia, Europe, and the US that started last April 19.
The government tapped BNP PARIBAS, Credit Suisse, Goldman Sachs, J.P. Morgan, Nomura, and Standard Chartered Bank as lead managers and joint bookrunners for the proposed offering, it added.
The proposed offering is being considered after the government issued USD2.75-billion (about PHP132 billion) 10-year and 25-year US dollar-denominated bonds last December. (PNA)
