MANILA, Philippines—The Philippines is ramping up commercial borrowings both locally and offshore to take advantage of oozing liquidity and relatively low rates.
The Bureau of the Treasury on Tuesday (April 20) awarded all P35 billion in new seven-year bonds at an auction with coupon rate of 3.625 percent, marginally lower than prevailing yields for comparable debt papers in the secondary market.
Investors tendered P90.4 billion for the IOUs maturing in April 2028, making the auction nearly thrice oversubscribed.
National Treasurer Rosalia de Leon attributed the “healthy” auction to “strong demand.”
De Leon said the Treasury will sell another P25 billion of the new T-bonds …
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