Why BSP opted for a loan instead of a bond?

Earlier this week, the Philippine central bank, Bangko Sentral ng Pilipinas (BSP), awarded the mandate for a $500 million five-year syndicated loan to a group of seven banks. BNP Paribas, DBS Bank, ING Bank and Standard Chartered are the foreign banks, while BPI Capital, Metropolitan Bank & Trust Co and RCBC Capital are the domestic banks forming the syndicate. The deal is in process and expected to be closed tomorrow at around 220bp over Libor, equivalent to about 250bp over Treasuries.