Philippines Sells $750 Million Peso Bonds for Debt Buyback
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The Philippines raised the equivalent of $750 million from a sale of 10-year peso bonds overseas as it seeks to lower interest expenses and retire costlier dollar debt.
The peso notes, which will be settled in dollars, were sold at a yield of 3.9 percent, about 25 percent less than similar-maturity securities in the domestic market and below the indicative rate of 4.1 percent, according to a government statement today. The proceeds will be used to redeem global bonds denominated in euros and the U.S. currency, it said.