| Joseph Estrada | ||||||
This one’s a tough one.
The issuer: the Philippines government; the deal size: possibly $1 billion; the details: the bonds are convertible into shares in San Miguel Corporation; the catch: ownership of the shares, part of the Marcos booty, is still being argued through the courts.
The bonds look like a tough sell, but the Philippines Department of Finance is lining up a shortlist of investment banks tough enough to take on the job.
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