The government’ maiden panda bond offering could be launched as early as next week, Finance Secretary Carlos Dominguez 3rd announced on Wednesday.
“Next week or so,” Dominguez told reporters when asked about the timeline for the launching of $200-million bond issue.
Chinese monetary authorities approved the panda bond issuance in February and government officials have said that the exercise would diversify the country’s funding sources and provide benchmarks for other Philippine issuers.
It will also complement financial support from Beijing for critical infrastructure projects.
Bank of China has been named the lead underwriter and bookrunner for the offering, which has been assigned a triple A score by Chinese credit ratings agency China Lianhe Credit Rating Co. Ltd.
The Finance department earlier this week said that Lianhe had described the offering as having “the lowest expectation of default risk.”