SINGAPORE/MANILA, Jan 18 (Reuters) - The Philippines is marketing a 25-year U.S. dollar benchmark bond, IFR, a Thomson Reuters publication, reported on Wednesday.
The Southeast Asian nation, one of Asia's active issuers of U.S. dollar denominated debt, has the authority to raise up to $2 billion.
The bond sale proceeds will be used to finance President Rodrigo Duterte's record 3.35 trillion pesos budget and repay foreign debts, National Treasurer Roberto Tan said last week.
The bonds are marketed at initial yield guidance of 3.95 percent area, alongside a one-day tender offer for some of its outstanding dollar bonds, IFR said.
The country hired Citigroup, Credit Suisse, Deutsche Bank, Standard Chartered and UBS as joint global coordinators and bookrunners for the new bond offering.
The Philippine sovereign is rated Baa2/BBB/BBB- by major rating agencies. (Reporting by Daniel Stanton for IFR, Karen Lema, and Neil Jerome Morales; Editing by Sherry Jacob-Phillips)