Image via WikipediaMANILA, Philippines — The first local bond exchange of the Aquino administration may beat January last year's level of P144.5 billion, the Bureau of Treasury announced on Saturday.
The government's domestic bond swap program has attracted holders of more than P140 billion of 2011 and 2034 treasury bonds that are eligible to be exchanged for new 2020 and 2035 benchmark bonds, National Treasury Roberto Tan said.
"Great appetite," said Tan describing the domestic bond swap that ended Friday. The amount of bonds offered for exchange is "over P100 billion for 25 years and over P40 billion for 10 years," he added.
The government has targeted a minimum issue size of P30 billion each for the 10-year and 25-year benchmark bond. A minimum coupon of 5.875% was set for the 10-year bond, and 8.125% for the 25-year bond. Both are offered at par.
On Friday, the treasury bureau ended the offer period for the bond exchange.
The government has set the minimum coupon rates for at least P60 billion worth of new 10- and 25-year bonds offered in exchange for older notes at 5.875 percent and 8.125 percent per year, respectively.
Both securities to be priced at par.
http://www.mb.com.ph/node/292233/fir
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