First set of panda bonds to be issued in November
The country’s first foray into the Chinese debt market will come soon.
The Philippines will be testing the yuan bond market by November this year as it proceeds with its maiden issuance of the so-called “panda bonds” to Chinese investors, Finance Secretary Carlos Dominguez III said.
Dominguez made the announcement during a non-deal roadshow staged in Shanghai during the last week of September, where they are looking to test the appetite of Chinese investors towards placing bets in the Philippines.
The Cabinet official said they will be floating $200 million worth of bonds, with the turnout to dictate future offerings.
“We are very happy that the Bank of China has come to our assistance. It’s a small issue—the first baby step we are issuing—a $200 million bond by around November of this year. This will be the first of many in the future,” Dominguez told Chinese businessmen.