The Philippine government is eyeing to raise additional funding from global investors.
The Bureau of the Treasury will be floating 10-year bonds in foreign markets, it said in an advisory on Thursday. The papers will be offered starting Jan. 18, with pricing to be done around 4 p.m. New York time.
The papers must be settled by Feb. 1, and will mature by 2028.
Global banks Citi, Credit Suisse, Deutsche Bank, Morgan Stanley, Standard Chartered Bank, and UBS will serve Joint Lead Managers for the offering.
In a Manila Times report, National Treasurer Rosalia de Leon said the bond offering will be capped at $2 billion, with half to be used to pay old debts while half will be used for general purposes.
Finance Secretary Carlos Dominguez III has said that money raised from global bond offerings will support the Duterte administration’s grand Build, Build, Build infrastructure program.