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Philippines to issue $200Mln of Yuan-Denominated Bonds by November

Philippines to issue $200Mln of Yuan-Denominated Bonds by November

MOSCOW (Sputnik) – The Philippines will release so-called Panda bonds, which are yuan-denominated bonds issued by a non-Chinese entity and sold in China, by November hoping to raise $200 million, the country’s Finance Department said Wednesday in a statement.

“[Finance Secretary Carlos] Dominguez also said the Philippines plans to “test the debt market” in China by issuing renminbi-denominated Panda bonds by around November this year,” the statement read.

According to the statement, the government is planning to raise about $200 million with the help of these bonds.

“We are very happy that the Bank of China has come to our assistance. It’s a small issue—the first baby step we are issuing—a $200 million bond by around November of this year. This will be the first of many in the future,” Dominguez said, as quoted in the Finance Department’s statement.

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According to the statement, the Philippine government is currently working to secure all necessary approvals and to comply with all requirements to enter China’s bond market.

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