Economics
Philippines Raises Record $10 Billion From Retail Treasury Bonds
- Sale is fourth retail bond offer under Marcos’s government
- Proceeds to fund infrastructure, agriculture, healthcare
Vehicles drive past a construction site in Manila, the Philippines.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
The Philippines raised a record 585 billion pesos ($10.5 billion) from the sale of small-denominated treasury bonds, which will help fund government projects and plug a gaping budget shortfall.
Of the total, 212.7 billion pesos were sold during a rate-setting auction earlier this month. During the public offer that ended on Friday, 128.7 billion pesos were raised in fresh funds and 243.5 billion pesos were subscriptions to the new bonds in exchange for notes maturing in March, the Bureau of the Treasury said in a statement on Monday. The debt due February 2029 carries a coupon of 6.25%.