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Philippine 25-Year Bonds Fall as Investors Await Swap Details

Philippine 25-year bonds fell, halting a three-day advance, as investors await more details of a debt swap. The peso weakened.

The government plans to issue new securities due in seven to 25 years in exchange for shorter-dated bonds after it completes an offering of notes targeted at individuals, Deputy Treasurer Eduardo Mendiola said on Oct. 9. The Bureau of the Treasury will discuss today the final size of the sale of retail bonds maturing in 2037, BusinessWorld reported. It has so far received more than 500 billion pesos ($12 billion) in bids for the 25-year notes on sale until Oct. 22, Mendiola said today.

“The market is trying to figure out how much the government will raise from the retail bonds and what it will do after,” said Ryanna Berza-Talan, a fund manager at BDO Unibank Inc.’s trust group that oversees about $16 billion of assets in Manila. “They have announced a plan for a debt swap so the market is trying to see where the direction is headed.”

The yield on the 5.75 percent bonds due August 2037 rose three basis points, or 0.03 percentage point, to 6.17 percent, according to midday fixing prices at Philippine Dealing & Exchange Corp.

Money sent home by Filipinos overseas increased 7.6 percent in August from a year earlier to $1.8 billion, central bank said in a statement today. Remittances, which rose 5.4 percent in July, climbed at the fastest pace in nine months in August.

The peso dropped 0.1 percent to 41.467 per dollar at the close, according to prices from Tullett Prebon Plc. One-month implied volatility, a measure of exchange-rate swings used to price options, was unchanged at 5.3 percent.

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