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