MANILA, Philippines — The Philippines is issuing today 1.46 billion renminbi ($230 million) worth of three-year panda bonds in the Chinese onshore market to help raise funds for the government’s infrastructure program, the state-run Investor Relations Office (IRO) said yesterday. In a statement, the IRO said the panda bonds would be offered to Chinese investors today, with settlement date on March 23. This marks the first time the Philippine government issues renminbi-denominated bonds in the Chinese onshore market. “The Philippine delegation’s economic briefing received overwhelming participation particularly from onshore investors in Beijing,” the IRO said. According to the IRO, the issuance will take advantage of the Bond Connect scheme, which allows offshore investors to participate.

Source: Philippine Star March 19, 2018 15:41 UTC