Philippines eyes buyback amid upgrade hopes

07 Jun 2012

The Republic of the Philippines is planning to buy back or exchange some of its outstanding international bonds — a move that bankers said is part of a plan to boost its chances of getting an investment grade rating before the end of President Benigno Aquino’s term in 2016.

The sovereign is considering buying back $800m of its bonds, said a government official. It is likely to launch an offer for the same bonds it bought from investors in 2011, since it had around $800m of demand left that it did not take up.

But another option the ...

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