PH launches $ bonds

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  • The Philippines launched its first dollar-denominated bond offering for the year, with proceeds from the double-tranche issuance to be used for general purposes.
    The benchmark-sized offer has tenors of 10.5 years and 25 years, or with maturity dates of January 6, 2032, and July 6, 2046, respectively.
    Rosalia de Leon, national treasurer, said proceeds of the offer will be for general budget support.
    The settlement date is on July 6, 2021.
    The Philippine government has successfully returned to the international capital markets earlier this year as it raised P121.97 billion from euro bonds and P24.19 billion from its samurai bonds issuances, both in April.
    In December last year, the Philippines raised $2.75 billion, or around P132.17 billion, from its global bonds offering.
    The dollar-denominated bonds had a coupon rate of 1.648 for the 10.5-year paper, while the 25-year tranche was priced at 2.65 percent.
    Meanwhile, the Bureau of the Treasury (BTr) fully awarded bids for the treasury bills auctioned yesterday.
    Total tenders amounted to P53.6 billion, nearly four times the P15 billion offering.
    “Full award for all tenors for treasury bills as rates declined and strong volume tendered,” de Leon said.
    The 91-day, 182-day and 364-day treasury bills fetched average rates of 1.031 percent, 1.332 percent and 1.562 percent, respectively, all lower than previous auction and secondary market rates.
    The BTr awarded P5 billion for each tenor as programmed. (A. Celis, Malaya)

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