By Sarah Lizee
Olympia, Wash., June 13 – The Philippines Bureau of the Treasury auctioned PHP 7,612,000,000 of 5¾% bonds due 2025 for an average yield of 5.976% on Wednesday and raised an additional PHP 55.8 billion of its 4 7/8% retail treasury bonds due 2021, according to separate government notices.
The government initially offered PHP 10 billion of the 2025 bonds. Competitive bids were tendered for PHP 14,282,000,000 and accepted for PHP 7,512,000,000. The government also received and accepted PHP 100 million of non-competitive bids.
The 2025 bonds were sold at an average price of 99.738, with prices ranging from 98.607 to 99.434. Yields ranged from 5.85% to 6%.
With this reissue, the total outstanding amount on the 5¾% series is PHP 20.46 billion.
As previously announced, the Philippines awarded PHP 66 billion of the 2021 bonds during an auction set on May 30. The public offering from May 30 to June 8 raised an additional PHP 55.8 billion.
Proceeds from the 2021 retail treasury bonds will help fund the government’s infrastructure program.
Land Bank of the Philippines was the lead manager. BDO Capital and Investment Corp., BPI Capital Corp., Development Bank of the Philippines, Metropolitan Bank and Trust Co. and SB Capital Investment Corp. were joint issue managers.
| Issuer: | Philippines Bureau of the Treasury
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| Issue: | Treasury bonds
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| 2025 bonds
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| Amount: | PHP 7,612,000,000
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| Maturity: | April 12, 2025
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| Coupon: | 5¾%
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| Average price: | 99.738
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| Average yield: | 5.976%
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| Auction date: | June 13
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| Settlement date: | June 14
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| 2021 bonds
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| Amount: | PHP 121.8 billion, including PHP 55.8 billion add-on
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| Maturity: | June 13, 2021
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| Coupon: | 4 7/8%
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| Settlement date: | June 13
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