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Philippine Bonds Rebound as Debt Exchange Plan May Be Delayed

Philippine 19-year bonds advanced for a seventh day, reversing an earlier decline, after the government said it may delay a planned debt swap. The peso fell.

The government may offer new notes in exchange for less-frequently traded securities in January instead of December, Deputy Treasurer Eduardo Mendiola told reporters today. Typically, debt exchanges involve offering longer-dated bonds for shorter-tenor notes.

“With the swap probably moved to January, prospects of additional supply of long-dated bonds are taken out for now,” said Bunny Bernardo-Recto, vice president at Chinatrust Philippines Commercial Bank Corp. in Manila.

The yield on the 8 percent notes due July 2031 fell two basis points, or 0.02 percentage point, to 5.58 percent at the close in Manila, according to Tradition Financial Services. The rate was up one basis point before Mendiola’s comments.

The Philippines will offer $500 million of dollar-denominated securities due 2023 in the local market this month to take advantage of onshore demand, Treasurer Rosalia de Leon said today. The government may lend the funds to the Power Sector Assets & Liabilities Management Corp., she said.

The peso weakened 0.1 percent to 41.08 per dollar, data from Tullett Prebon Plc showed. One-month implied volatility, which measures exchange-rate swings used to price options, was unchanged at 4.7 percent.

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