RP eyes euro bond float

RP eyes euro bond float

MANILA (Reuters): The Philippines is planning to float US$250 million to $750 million in bonds denominated in the new euro currency, Finance Secretary Edgardo Espiritu said yesterday.

"I'm more inclined (towards) the euro money. It's better to consider other currencies. We're already heavy (in exposure) in terms of the U.S. dollar," Espiritu said.

Espiritu told reporters he was initially looking at a float with a five-year maturity.

"A 10-year bond float is too long. I'm looking at a five-year bond but everything will depend on the pricing," he said.

Espiritu had said a bond offering would be a last resort to beef up the government's sagging finances.

The Philippines issued a $500 million 10-year global bond in April, which was oversubscribed.

The bond was the first sovereign issue floated from Asia since financial turmoil swept the region last year.