MANILA -- The state-owned Development Bank of the Philippines said it has chosen Citibank as lead manager for a Eurobond offering of $100 million to $150 million.

The proposed five-year bonds will be issued in July, without a government guarantee, to institutional investors in Hong Kong, Tokyo, Europe, and the United States.

Proceeds are to finance lending to the exporting, power generation, and transportation sectors of the Philippine economy.

The bank "is clearly a very distinct entity with a solid track record" and should succeed in the Eurobond market, said William Ferguson, Citibank's Manila chief.

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