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TWO OF THE Phillipines' leading corporate borrowers firmed up their capital raising plans this week, with the official confirmation of a mandate from Philippines Long Distance Telephone Company (PLDT) and invitations for a new bond offering by PNOC Energy Development Corporation (PEDC). As expected, Merrill Lynch emerged as the winner to lead a new bond issue for PLDT, which is hoping to become the first Asian borrower to raise funds in euros. As the republic put back its plans to tap the sector, PLDT has moved forward in its place with plans to raise up to Eu250m via either a seven or a 10 year offering.

THE REPUBLIC of the Philippines has decided to meet increasingly volatile conditions in the emerging markets sector head on, opting this week to split its forthcoming funding requirement into separate market driven, strategic transactions. Finance secretary Edgardu Espiritu announced on Wednesday that Goldman Sachs has won the mandate for a $500m FRN that is likely to be launched in September. This will be followed by a $500m equivalent euro denominated issue via JP Morgan and Warburg Dillon Read later in the autumn, market conditions permitting.