Philippines begins book-building for eight-year euro bond issue
The Southeast Asian nation is looking at a "benchmark" issue, she said, which typically involves raising at least $500 million.
The book-building exercise comes just days after Standard & Poor's raised the Philippines' credit rating to BBB+, from BBB, with a stable outlook, the highest the Philippines has achieved.
Deutsche Bank and UBS have been hired as joint global coordinators. They are also joint bookrunners with BNP Paribas, Credit Suisse and Standard Chartered.
The planned issue is the first the Philippines is doing in euros since 1999, when it did a 250 million euros ($280 million at present) 5.5-year issue that paid 425 basis points over bunds, according to Refinitive IFR.
The Philippines, one of Asia's most active sovereign bond issuers, is raising funds to help finance its 3.7 trillion pesos ($70.90 billion) budget this year.
The fund-raising programme includes 6 billion yuan ($879.4 million) from a planned second offering of panda bonds in China.
(Reporting by Enrico dela Cruz; Editing by Richard Borsuk)