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Philippines sells $10.5 bln worth of retail treasury bonds

Published 08/07/2020, 05:59 PM
Updated 08/07/2020, 06:00 PM

MANILA, Aug 7 (Reuters) - The Philippine said on Friday it
had sold 516.3 billion pesos ($10.53 billion) of retail treasury
bonds (RTBs), with most of the proceeds intended for the
government's COVID-19 relief efforts and infrastructure
projects.
The five-year RTBs raised an additional 488.5 billion pesos
of cash, with the balance of 27.8 billion pesos accounting for
the bond switch component of the offer, National Treasurer
Rosalia de Leon said.
"Strong market liquidity conditions supported healthy demand
for the RTBs," she told reporters.
The RTBs, fetching a coupon rate of 2.625%, were offered to
small investors and holders of previously-issued RTBs maturing
this month and in March 2021. The Southeast Asian country is ramping up borrowing as it
seeks to mitigate the economic impact of the COVID-19 pandemic
by providing cash transfers to the poor and assisting small
businesses, and as authorities try to offset a slide in revenue
due to lockdowns.
($1 = 49.017 pesos)

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