Philippines expected to retap 2015 and/or 2030 bonds soon via HSBC, Citigroup

By Paul A. Harris

St. Louis, May 5 - The Republic of the Philippines is expected to come to the market with add-on bond deal tapping either or both the 8 7/8% dollar-denominated bond due March 2015 and the 9½% dollar-denominated bond due February 2030, according to a market source.

The source added that the deal is expected to materialize soon.

HSBC and Citigroup are expected to emerge as bookrunners, with other syndicate members likely to be announced.

The Philippines priced $1.5 billion of the 9½% bonds due February 2030 (existing ratings Ba2/BB-/BB) at 98.131 on Jan, 26, 2005.

Meanwhile, the Philippines sold $500 million of the 8 7/8% bonds due March 2015 (existing ratings Ba2/BB) at 99.138 on March 17, 2004. Subsequently, the Philippines priced a $300 million add-on at 98 on Sept. 8, 2004. The total size is now $800 million.

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