The Philippines’ first foray into the Chinese debt market is happening today, March 20, with the issuance of three-year panda bonds worth 1.46 billion renminbi or about P11.9 billion, the government’s Investor Relations Office said Monday. The IRO said the settlement of the IOUs issued in China by non-Chinese governments or firms would be on March 23. “The issuance will be taking advantage of the bond connect scheme, which allows offshore investors to participate. Demand from both onshore and offshore investors will allow the (Philippines) to secure a favorable rate upon pricing date,” the IRO said. ADVERTISEMENTAccording to the IRO, the renminbi proceeds of the panda bond sale would be deposited at the BSP as part of its international reserves and then converted to peso and deposited also at the BSP.

Source: Philippine Daily Inquirer March 19, 2018 21:11 UTC