Philippine government offers debt warrants to cut domestic risk capital
Government seeks to reduce sovereign borrowing costs
The Philippines government has sold $2 billion of warrants on its dollar-denominated bonds in a landmark move that may herald similar issues in other Asian emerging markets. The aim of the warrant issue is to reduce the sovereign's borrowing costs and encourage capital to stay on-shore once Basel II capital rules come into force in 2009.
The warrants - the first of their kind in Asia - will be exercised in the event of a default on foreign-currency bonds to which they are attached at the exchange
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