Philippines launches 10-year US dollar bonds

President Rodrigo Duterte has promised to usher in a “golden age of infrastructure” by raising annual spending on it to more than 7 percent of gross domestic product from less than 3 percent before he began his term. (Reuters)
Updated 18 January 2018
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Philippines launches 10-year US dollar bonds

MANILA: The Philippines on Thursday launched 10-year US dollar bonds, the Bureau of Treasury said, to help fund President Rodrigo Duterte’s record budget this year.
The bureau did not say how much it planned to offer, but a source with direct knowledge of the transaction said the size of the issue is $2 billion (SR7.5 billion).
The bond deal has a new money component of $1 billion and bond swap of another $1 billion, the source said, declining to be identified because other details of the issue are not yet public.
Proceeds from the bond sale will be used to help finance the national government’s 3.8 trillion pesos budget this year, the biggest ever, as Duterte boosts infrastructure spending.
The bonds are marketed at initial yield guidance in the 3.30 percent area, said IFR, a unit of Thomson Reuters.
Citigroup and Standard Chartered are dealer managers for the tender, which ends on Thursday at 4pm New York time.


Saudi Arabia and Spain’s Navantia plan combat management systems venture

Updated 18 February 2019
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Saudi Arabia and Spain’s Navantia plan combat management systems venture

  • The SANNI venture will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships

ABU DHABI: State-owned Saudi Arabian Military Industries (SAMI) signed an agreement on Monday with Spanish state-held shipbuilder Navantia to set up a joint venture to provide combat systems, the new partnership’s chief executive said on Monday.
The SANNI venture, the name of which stands for SAMI Navantia Naval Industries, will integrate and adapt Navantia’s combat management systems for Saudi navy corvette ships, said Antonio Barberan at the IDEX military exhibition in Abu Dhabi.
SANNI is also in talks with other potential customers in the Middle East, he said.
SAMI owns 51 percent of SANNI, with Navantia holding the remaining 49 percent.
In November SAMI and Navantia signed an agreement to jointly manufacture five corvettes for the Saudi navy.