Philippines considers global bond as JG Summit lines up deal

Over the past few days, bankers have been furiously pitching the government to emulate its strategy of January 1999 which led to the launch of one of the Republic's most successful international bond deals to date: a $1 billion split 10 and 20 year transaction via JPMorgan, Morgan Stanley and UBS Warburg. And it looks as if they may have succeeded, with the Department of Finance said to be leaning towards a $500 million 10 year global via two to three lead managers in place of a 15 put 10 private placement via CSFB, originally scheduled to price yesterday.