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Issuer: Republic of the Philippines Amount: $690 million Launched: September 20 Lead manager: JP Morgan Type of issue: Brady exchange The idea was easily sold to Roberto de Ocampo. “It sounds like an offer we cannot refuse,” the Philippines’ finance minister told jp Morgan’s Simon Paterno in his ministerial office. Morgan was offering the tempting prospect of following Mexico’s example of swapping distressed Brady debt for new bonds. The deal, if it happened, would signal the Philippines’ full rehabilitation in the eyes of the international capital markets. |
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