MANILA Electric (Meralco) formally asked for proposals to underwrite the company's debut bond issue this week. Having previously relied almost exclusively on concessional funding to meet its financing needs, the Lopez-owned group has only ever turned to the loan markets on three occasions over the past 20 years. Specialists said that the group is hoping to award a mandate, secure a rating and launch before the summer break in August, with a deadline for initial submissions set for next Wednesday.
May 14, 1999