Philippines hires 10 banks for retail Treasury bond offer

MANILA Tue Oct 4, 2011 3:23am EDT

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MANILA Oct 4 (Reuters) - The Philippines has mandated 10 banks to manage its second retail treasury bond sale this year, officials said on Tuesday, with the government planning to complete the issue expected to be at least 50 billion pesos ($1.1 billion) this month.

First Metro Investment Corp , Metropolitan Bank & Trust Co , BDO Capital, BPI Capital and Landbank of the Philippines were appointed issue managers, National Treasurer Robert Tan told reporters.

Rizal Commercial Banking Corp , Development Bank of the Philippines, Philippine National Bank , China Banking Corp and Deutsche Bank (DBKGn.DE) were hired as arrangers, Tan said.

Deputy Treasurer Eduardo Mendiola said the Bureau of Treasury will meet with the banks on Tuesday to finalise the terms and conditions of the offer.

Mendiola had previously said the government was considering issuing at least 50 billion pesos to 60 billion pesos worth of 10-year and 15-year retail bonds in the second of third week of October.

In March, the government raised 104 billion pesos from the sale of 5-year and 10-year retail Treasury bonds. ($1 = 43.95 Philippine Pesos) (Reporting by Karen Lema; Editing by John Mair)

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