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BSP Accepts Three-Year Bullet Loan Proposal

09.08.2003

The Monetary Board of the Bangko Sentral ng Pilipinas (BSP) has decided to accept the three-year bullet loan proposal submitted by a group of banks consisting of Citibank, N.A./ Citigroup Global Markets Asia Limited, Credit Lyonnais, DBS Bank Ltd., HSH Nordbank AG, Mizuho Corporate Asia Limited, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.  The proposal is for a fully underwritten amount of USD 500 million with a spread over LIBOR of 2.26%.  The new loan will refinance an FRN maturing on 27October 2003.  By tapping the loan market, the BSP leaves the bond market open for the funding requirements of the National Government.

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