PH announces 1st dollar bond issuance this year

MANILA: The Philippines on Tuesday announced the issuance of dual-tranche benchmark-sized US dollar bonds. In a notice, the initial price guidance for the 10-year note has been set at Treasuries plus 120 basis points while the 25-year sustainability tranche price guidance was at 6.05 percent. The proceeds of the issuance will be used for general budget financing. Former Finance Secretary Benjamin Diokno said earlier this year that the government aims to raise as much as USD5 billion from global bonds issuance this year. This will help fund the financing requirement for this year which was set at PHP2.57 trillion. To meet the country's financing requirements, the Bureau of the Treasury developed a fundraising plan that would continue to adopt a 75:25 borrowing mix in favor of domestic sources. Source: Philippines News Agency