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“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.
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