Philippines launches 3-year retail bond offer, sets coupon at 4.375%

MANILA, The Philippine government on

Tuesday launched an offer to sell and exchange peso-denominated

retail Treasury bonds due in 2023 for notes maturing in April

this year, setting the coupon rate at 4.375% via an auction.

The Bureau of the Treasury fully awarded its auction offer

of 134 billion pesos ($2.63 billion) of the peso-denominated

bonds at an average rate of 4.297%, against tenders totalling

149.83 billion pesos.

The debt swap opportunity for holders of existing 4.25%

retail Treasury bonds due on April 11 is available until Feb. 6,

while the offer to small investors also runs in the same period.

Bond issuance is set for Feb. 11, the BTr said.

The bond exchange offer lengthens the government's debt

maturity, helping it manage refinancing risks.

The government last issued RTBs in March 2019, raising

around 236 billion pesos via a public offer of five-year notes

for budgetary support. nL3N20V26T

The Philippines, one of Asia's fast-growing economies, has

programmed a record 4.1 trillion peso national budget for this

year, with a sizeable portion allotted for an ongoing

infrastructure overhaul. nL4N29B1AH

Source: ASEAN Exchanges