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.
August 14, 1998
