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Philippines launches retail treasury bond offer at 2.625% coupon rate

Published 07/16/2020, 05:33 PM
Updated 07/16/2020, 05:40 PM

MANILA, July 16 (Reuters) - The Philippine government on
Thursday launched an offering of five-year retail treasury bonds
(RTB), seeking to attract small investors and holders of
previously-issued RTBs to swap their holdings for the new issue.
The Southeast Asian country is ramping up borrowing, seeking
to raise more money to mitigate the economic impact of the
COVID-19 pandemic and offset a slide in revenues due to
lockdowns and business shutdowns.
Called "Progreso" or Progress Bonds, the new RTB offer
fetched a coupon rate of 2.625% at an auction at the Bureau of
the Treasury, with the government awarding 192.7 billion pesos
($3.89 billion) worth of the paper against total tenders of
278.6 billion pesos.
Proceeds will be used to fund government efforts to assist
sectors hit hard by the pandemic and its flagship "Build, Build,
Build" infrastructure development programme.
"The pandemic will not stop our lofty pursuit...to empower
every Filipino to contribute in putting the economy back to a
trajectory of sustained high growth," National Treasurer Rosalia
de Leon said.
The offer, available through some banks and the second such
issue this year, runs from Thursday until August 7.
Holders RTBs maturing in August this year and March 2021 can
swap their holdings for the 2025 RTBs, allowing the government
to lengthen maturity of some of its debt obligations.
($1 = 49.56 pesos)

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