Conscious Investing Today
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
  • Top News
  • Business Insider
  • Economic Indicators
  • Investing Ideas
  • Politics News
  • Stock Analysis
  • Editor’s Pick
No Result
View All Result
Conscious Investing Today
No Result
View All Result
Home Politics News

PHL raises P122B from euro bond sale

by
April 22, 2021
in Politics News
0
PHL raises P122B from euro bond sale
0
SHARES
6
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
An employee shows 50 euro notes in a bank in Sarajevo in this March 19, 2012 file photo. — REUTERS

THE Philippine government raised EUR2.1 billion (P122.4 billion) from a triple-tranche offering of euro-denominated bonds, the Bureau of the Treasury (BTr) reported.

The Philippines took advantage of the low interest rates in the euro bond market, as it sold EUR650 million (P38 billion) worth of four-year global bonds, another EUR650 million (P47 billion) worth of 12-year notes, and EUR800 million worth of 20-year debt papers.

Proceeds will be used to support this year’s national budget, as the country continues to struggle to contain the coronavirus disease 2019 (COVID-19) pandemic.

The BTr said in a statement on Thursday total tenders reached EUR6.5 billion (P379 billion), or three times as much as the initial offer.

This was the country’s biggest and the first long-end euro bond sale ever. It previously issued only three-year, eight-year and nine-year papers.

Broken down, the four-year papers fetched a coupon of 0.25% or 75 basis points (bps) above the tenor’s euro mid swap, the 12-year papers were priced at 1.2% rate or mid swap +105 bps, while the 20-year notes yielded a coupon of 1.75%, 135 bps higher than the euro mid swap.

“All tranches tightened by 25 bps from the initial price guidance backed by a strong order book which allowed the republic to revise its price guidance twice across all three tranches,” the Treasury said.

The bonds will be settled on April 28.

The Treasury’s latest euro bond sale was bigger than the EUR1.2 billion it raised via the dual-tranche issuance in January 2020, which received EUR4.3 billion in bids.

“The Philippines’ successful return to the international capital market for the second time this year reflects the investor community’s confidence in the country’s prospects for a strong recovery from the prolonged pandemic, given that its financial readiness has allowed the government to do whatever COVID-19 response measures are necessary to save lives and revive the economy,” Finance Secretary Carlos G. Dominguez III said in a statement.

The latest borrowing was rated Baa2 by Moody’s Investors Service, BBB+ by S&P Global Ratings and BBB by Fitch Ratings.

BNP Paribas S.A., Credit Suisse, Goldman Sachs, JPMorgan, Nomura and Standard Chartered Bank acted as the joint lead managers and joint bookrunners for the issuance.

“The success of this euro deal, being already our fourth offering since the pandemic, serves as affirmation that we are on track to emerge from this crisis as a stronger and more resilient economy. Further, the ability to stretch our maturities to the 20-year tenor at tight pricing underscores that investors are indeed taking a long view on our return prospects,” National Treasurer Rosalia V. de Leon said.

Mr. Dominguez earlier said the country would tap the US bond market soon before “rates skyrocket.”

On March 30, the Philippines raised JPY55 billion (P24.2 billion) from the issuance of three-year Japanese yen-denominated “Samurai” bonds.

ADVERTISEMENT

The government runs on a budget deficit as it spends more than the revenue being generated to fund programs that will drive economic growth.

It plans to raise P3 trillion this year both from local and foreign sources to plug its budget deficit seen hitting 8.9% of gross domestic product. About P286 billion is estimated to come from global bond issuances. — Beatrice M. Laforga

Related Posts

16 roads covered by number coding scheme; full implementation starts Aug. 18
Politics News

16 roads covered by number coding scheme; full implementation starts Aug. 18

August 14, 2022
Solon says time to convene PHL Congress-Bangsamoro Parliament Forum 
Politics News

Solon says time to convene PHL Congress-Bangsamoro Parliament Forum 

August 14, 2022
Senate bill filed on scholarship grants to public school teachers, their children 
Politics News

Senate bill filed on scholarship grants to public school teachers, their children 

August 14, 2022
Next Post
Banks keep stricter credit standards in Q1

Banks keep stricter credit standards in Q1

Monetary policy remains appropriate — Diokno

Monetary policy remains appropriate -- Diokno

Palace appoints Chua as NEDA secretary

Palace appoints Chua as NEDA secretary

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Categories

  • Economic Indicators
  • Editor's Pick
  • Investing Ideas
  • Politics News
  • Stock Analysis

Popular News

  • A Minute With: Family Reunion cast on relatable story lines

    A Minute With: Family Reunion cast on relatable story lines

    0 shares
    Share 0 Tweet 0
  • Twitter launches ‘Milk Tea Alliance’ emoji as movement grows

    0 shares
    Share 0 Tweet 0
  • Gas and car bills to soar under green revolution

    0 shares
    Share 0 Tweet 0
  • Level up your gaming experience with vivo Y20s [G]

    0 shares
    Share 0 Tweet 0
  • Rehab, expansion of General Santos airport seen completed by Q2

    0 shares
    Share 0 Tweet 0
No Result
View All Result

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Highlights

Lawmaker asks Malacañang to ensure funds for increased senior pension in 2023 budget 

NTC orders telcos to act on solon’s call for more cell sites in rural areas 

Palace assures Marcos won’t interfere in sugar importation probe 

PS-DBM will be a ‘litmus test’ for Marcos gov’t, Congress 

Gov’t told to help quicken adoption of electric vehicles

Experts seek DoJ review of De Lima’s drug cases

Trending

16 roads covered by number coding scheme; full implementation starts Aug. 18
Politics News

16 roads covered by number coding scheme; full implementation starts Aug. 18

by
August 14, 2022
0

Solon says time to convene PHL Congress-Bangsamoro Parliament Forum 

Solon says time to convene PHL Congress-Bangsamoro Parliament Forum 

August 14, 2022
Senate bill filed on scholarship grants to public school teachers, their children 

Senate bill filed on scholarship grants to public school teachers, their children 

August 14, 2022
Lawmaker asks Malacañang to ensure funds for increased senior pension in 2023 budget 

Lawmaker asks Malacañang to ensure funds for increased senior pension in 2023 budget 

August 14, 2022
NTC orders telcos to act on solon’s call for more cell sites in rural areas 

NTC orders telcos to act on solon’s call for more cell sites in rural areas 

August 14, 2022

Disclaimer: ConsciousInvestingToday.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

Copyright © 2021 ConsciousInvestingToday. All Rights Reserved.

No Result
View All Result
  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • Email Whitelisting

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.