MANILA - Philippine Finance Secretary Carlos Dominguez said on Thursday the government was in talks with various banks on the appropriate structure for its planned maiden green bond offering.
The discussions include the size and tenure of the bonds, and the government was also "looking at a window of opportunity in different currency markets," he told reporters.
The Philippines - one of Asia's most active issuers of sovereign bonds - in November announced its plan to issue green bonds in line with its effort to mobilise funds for capital-intensive climate adaptation and mitigation projects.
Dominguez did not give any specific timing for the green bond issue nor identify the banks involved in the talks.
On Wednesday, fixed income news provider IFR reported the Philippines had mandated Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Mizuho Bank, Morgan Stanley, Standard Chartered and UBS for a potential U.S. dollar bond offering in the ESG format.
Citing a source aware of the development, IFR said the Philippines was looking to raise $1 billion to $2 billion from medium to long-term bonds.
The Philippines is yet to make an official announcement on the mandate.
A Reuters source with knowledge of Philippine plan, however, said the Philippines' first sovereign green bond offer may not just involve a dollar-denominated issue, but declined to elaborate.
