Philippines Gets $1.9 Billion So Far in Jumbo Peso Bond Sale

The Philippines sold an initial 107 billion pesos ($1.9 billion) of bonds on Wednesday in its first large-scale local debt offering targeting institutional investors since April, as the government ramps up spending to spur economic growth.

The coupon on the notes due February 2036 was set at 5.925%, according to Bureau of the Treasury data. The bid-to-cover ratio was almost 11, underscoring the strong demand. A public offering will end on Friday.