The Manila Times

Govt raises $2B from dollar bond sale

BY TIZIANA CELINE PIATOS

THE Marcos government raised a total of $2 billion from its first foray into the offshore debt market, the Bureau of the Treasury (BTr) reported on Thursday.

New five- and 10.5-year offerings raised $500 million and $750 million, respectively, while 25-year green bonds accounted for the remaining $750 million.

Pricing was set at 5.17 percent, 5.609 percent and 6.1 percent, respectively, for the five-, 10.5- and 25-year papers.

“The Republic intends to use the proceeds from the sale ... for general purposes, including budgetary support,” the BTr said in a statement.

It said the government “was able to navigate volatile market conditions and successfully price the global bonds ... despite the ongoing weakness in global credit markets amid high inflation and rising US interest rates.”

Finance Secretary Benjamin Diokno was quoted as having said that “strong demand for our first international bond offering under President Marcos’ administration demonstrates investor confidence in the new government and the administration’s six-year plan of economic transformation to a more inclusive, resilient and prosperous economy.”

National Treasurer Rosalia de Leon, meanwhile, said “the success of this transaction is an indication of the Philippines’ readiness to brave choppy waters in pursuit of excellent results.”

Front Page

en-ph

2022-10-07T07:00:00.0000000Z

2022-10-07T07:00:00.0000000Z

https://digitaledition.manilatimes.net/article/281805697822626

The Manila Times