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March 5, 2009

Philippine power agency to hold roadshow next week
Philippine state agency PSALM, which oversees the assets and debts of National Power Corp (Napocor), will launch a non-deal roadshow covering London and Asia next week, Reuters quoted National Treasurer Roberto Tan as saying Tuesday.

PSALM is looking to issue as much as $1 billion worth of global bonds for Napocor, the country's largest power producer, after the company recorded losses last year. Tan, who will be joining the roadshow, said he was not aware of the timing of the bond offer.

The Philippines finance department has yet to approve a plan to raise up to $1 billion in global bonds for state-run Napocor, a government official said.

The timing of the offer for Napocor, the Philippines' largest power producer, would depend on market opportunities, Jeremias Paul, a finance undersecretary, said in a mobile phone text message, adding that no mandate had been given so far.




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