Philippines Sells $270 Million of Maiden Tokenized Bonds
- Government to widen use of digital technology in bond market
- Blockchain technology seen to sharply reduce risk and costs
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The Philippines sold tokenized Treasury bonds for the first time on Monday in what might be a prelude to a wider use of digital ledger technology in the country’s government debt market.
The Bureau of the Treasury sold 15 billion pesos ($270 million) of the debt that will fall due November 2024, according to a statement. The bonds, offered to institutional investors, were priced at a coupon of 6.5% per year. Bids totaled 31.426 billion pesos, more than triple the initial offer size of 10 billion pesos.