PHL to issue yuan-denominated panda bonds in H2 –Dominguez

The Philippines will issue "panda bonds" or yuan-denominated debt in the second half of the year, Finance Secretary Carlos G. Dominguez III said Tuesday.

"We probably will launch it in the third or fourth quarter this year," Dominguez told reporters on the sidelines of the Dutertenomics Forum in Pasay City.

He was referring to the government's plan to issue panda bonds, following the improved Philippine-Chinese relations under President Rodrigo R. Duterte.

To recall, Duterte in September 2016 said his administration would pursue an "independent" foreign policy. He has lashed out at the US and the European Union on several occasions, and had declared his desire to pivot to China and Russia instead.

Asked for details, Dominguez said the issuance will be "something like" the earlier reported US$200 million worth of panda bonds, with tenors of three and five years.

A panda bond is a renminbi-denominated debt instrument issued by a non-Chinese issuer in China. — BM, GMA News