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Philippines hires six banks to manage domestic bond swap

Published on Aug 1, 2014 4:26 PM

MANILA (REUTERS) - The Philippine government has hired six banks to manage its planned domestic bond swap this year, a senior official said on Friday, but the timing and size of the offer have yet to be finalised.

State-run Land Bank of Philippines and Development Bank of the Philippines, BDO Capital and Investment Corporation, First Metro Investment Corp, BPI Capital Corp, and HSBC will run the deal, National Treasurer Rosalia De Leon said.

Manila plans to swap shorter-dated local debt for longer-dated tenors in an offer that may be launched before year-end as part of its debt-management programme.

Ms De Leon said the government is looking at issuing bonds with tenors of 10 and 20 years. "We would like to assess first the impact of the central bank's interest rate hike," Ms De Leon said when asked about the timing of the offer.

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