September 2006
Meet the market man: Omar Cruz, Philippines treasurer
In less than two years the Philippines has transformed its sovereign debt programme from laggard to leader in emerging markets. The work of the republic’s treasurer, Omar Cruz, lies behind much of the change. Euromoney talks to the Philippines’ market man about the changes and the challenges ahead.
|
“I’ve brainwashed my entire team against just borrowing and borrowing, but instead to watch the market and time cashflows and to ride the yield curve”
Omar Cruz |
WHEN OMAR CRUZ assumed the role of treasurer of the Philippines in early 2005, Asia’s largest and most frequent sovereign borrower had a mixed reputation with the market as a somewhat unpredictable and opportunistic borrower whose strategies echoed the country’s chaotic political landscape.
The political shenanigans are still never far from the headlines but the republic’s treasury has certainly smartened up its act. Benefiting from a strong debt market and an improving fiscal domestic outlook, Cruz announced his intentions in spectacular fashion in January when the Philippines launched its largest ever bond issuance, raising $2.3 billion equivalent, two-thirds of its entire annual funding programme, at record pricing. In July, the balance of the year’s funding was closed from a $750 million...
You must be a Level 2 subscriber to access this archived content.
If your subscription includes access to the archive, please log in now to view.
To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.
If you are a trialist or subscriber, please enter your username and password at the top right-hand side of euromoney.com
Subscribers to Euromoney benefit from:
Level 1:
- Online access to the past 12 months content
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Level 2:
- Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
- 12 monthly issues of Euromoney magazine
- More than 30 specialist research guides free
- The results of Euromoney’s polls and surveys
- Tailored RSS news feeds direct to your desktop
- News delivered directly to your mobile device or PC
- Personalised email newsfeed of 'Top stories' and 'Breaking news'
Click here to subscribe