Export Credit Agencies
Cafe Al Fresco, Hyatt Hotel, Roxas Boulevard - There are 29 ECAs in the world. These ECAs are governed by the OECD rule, which only allows funding of 85% of a project's foreign component and 15% of the local counterpart.I also attended a presentation to investors by the Home Guaranty Corporaion, whose president is an ETC alumnus -- Mr. Bong Bongolan. He was not arrogant as I found him in the SAMASA conference but as naughty. He can't be arrogant because he needs the investors to buy his zero coupon bond issue. I determined, however, that whoever sat in their loan negotiations, was unaware that pari passu ranking of their domestic indebtedness should be limited to obligations similar in nature.
It is also the second time that I rode home with the President. I did not notice that the letter circulated in the e-mail was unsigned. I thought it had her blessings but it turned out that it was an independent action by the Corporate Communications Group. Nonetheless, I told her that the upside of the e-mail are shedding more light in the issue with PEMC and helping the PSALM employees defent the position of the Corporation in confronting accusations of price manipulation.
Busy day today. Circulate computation tables to evaluation team. Finalize results, hopefully, by lunch time. Four proposals per member. Use Bloomberg Swap Manager (SWPM) to determine fixed-rate equivalent of floating rate note proposals. Aja! Aja1
posted by JD @ 6:34 AM
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