PHL Bonds available in US dollar and Euro

Philippines peso Currency
The Republic of the Philippines (PHL), rated Ba2 (Moody’s) / BB (S&P) / BB+ (Fitch) (all stable), announced today the commencement of an invitation for offers to sell global bonds for cash in a modified Dutch auction. PHL’s target is to spend US$1.5-billion equiv. to purchase bonds and settle accrued interest, but may spend more or less than this amount at its sole discretion.
Select USD and EUR bonds with an aggregate principal amount of approximately US$17.5-billion equivalent are eligible for repurchase under the offer. The clearing price for each series will be determined by PHL pursuant to a modified Dutch auction.
“The Republic of the Philippines is in a strong liquidity position and believes market conditions present an opportunity to proactively manage its external indebtedness in a cost effective manner. This is consistent with our objective to increase the local currency component of our indebtedness while extending maturities and reducing cost,” said Finance Secretary Cesar Purisima.
Citigroup and J.P. Morgan have been mandated as joint global coordinators; Citigroup, Goldman Sachs (Asia) L.L.C., HSBC, J.P. Morgan, Standard Chartered Bank, and UBS as joint dealer managers for the transaction.