Sir,
The recent Euromoney article entitled “The killer in Manila” contains a number of unsubstantiated implications, exaggerations and misrepresentations concerning our role in bringing Bangko Sentral ng Pilipinas (BSP) to the yankee bond market.
We would like to make three points.
First, as the accompanying letter makes clear, all six managers unanimously agreed that postponement of the offering was entirely appropriate given market conditions and the Philippines’ main objective: providing a liquid long-term pricing benchmark to enhance the funding opportunity for future Philippine borrowing initiatives.
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