PHL sells record-breaking P188B worth of 25-yr. retail bonds
The Bureau of the Treasury terminated its debt sale late Thursday – ahead of its Oct. 22 closing date – after selling a record-breaking P188 billion worth of 25-year retail Treasury bonds or RTB.
"Sales hit about P188 billion. Volume consistently oversubscribed many times over on daily offers submitted. National Treasurer Roberto Tan told reporters Friday.
The latest debt sale breached the P179.9 billion worth of 15- and 20-year RTBs the government sold last February, and reflected a precedent-setting exercise as the first 25-year RTB the government sold.
Individual investors as well as government-owned or controlled corporations and local government units were largely the buyers of the national government’s latest offering, priced at 6.125 percent.
The price-setting auction started on Oct. 9, during which the Treasury Bureau P62.988 billion worth of the 25-year debt at 6.125-percent coupon rate.
Hired by the government were 23 selling agents led by issue managers Land Bank of the Philippines and Development Bank of the Philippines.
The selling agents included Allied Banking Corp., ANZ Banking Group Limited, BDO Capital and Investment Corp., BDO Universal Bank, BPI Capital and Investment Corp., China Banking Corp., Chinatrust Banking Corp., Chinatrust Philippines Commercial Banking Corp.
Also tapped to sell the 25-year bonds were Citibank, Deutsche Bank, Eastwest Banking Corp., First Metro Investment Corp., Hongkong and Shanghai Banking Corp., ING Bank, Maybank Philippines, Metropolitan Bank & Trust Company, Philippine National Bank, Rizal Commercial Banking Corp., Security Bank, Standard Chartered Bank, Sterling Bank of Asia, and Union Bank of the Philippines.
By December, the government is scheduled to stage a domestic debt exchange as part of its liability management strategy by redeeming maturing debts with longer-term settlement dates and lower interest rates. — VS, GMA News
"Sales hit about P188 billion. Volume consistently oversubscribed many times over on daily offers submitted. National Treasurer Roberto Tan told reporters Friday.
The latest debt sale breached the P179.9 billion worth of 15- and 20-year RTBs the government sold last February, and reflected a precedent-setting exercise as the first 25-year RTB the government sold.
Individual investors as well as government-owned or controlled corporations and local government units were largely the buyers of the national government’s latest offering, priced at 6.125 percent.
The price-setting auction started on Oct. 9, during which the Treasury Bureau P62.988 billion worth of the 25-year debt at 6.125-percent coupon rate.
Hired by the government were 23 selling agents led by issue managers Land Bank of the Philippines and Development Bank of the Philippines.
The selling agents included Allied Banking Corp., ANZ Banking Group Limited, BDO Capital and Investment Corp., BDO Universal Bank, BPI Capital and Investment Corp., China Banking Corp., Chinatrust Banking Corp., Chinatrust Philippines Commercial Banking Corp.
Also tapped to sell the 25-year bonds were Citibank, Deutsche Bank, Eastwest Banking Corp., First Metro Investment Corp., Hongkong and Shanghai Banking Corp., ING Bank, Maybank Philippines, Metropolitan Bank & Trust Company, Philippine National Bank, Rizal Commercial Banking Corp., Security Bank, Standard Chartered Bank, Sterling Bank of Asia, and Union Bank of the Philippines.
By December, the government is scheduled to stage a domestic debt exchange as part of its liability management strategy by redeeming maturing debts with longer-term settlement dates and lower interest rates. — VS, GMA News
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