Philippines says retail bond sale may reach $6 billion
MANILA (REUTERS) - The Philippines may raise as much as 200 billion pesos (S$6 billion) from its 25-year retail bond debut, which could lead to lower debt issues in 2013, a senior government official said on Tuesday.
Investor demand for the longer-dated debt was strong, with tenders at Tuesday's auction reaching 76.5 billion pesos, allowing the government to raise close to 63 billion pesos, or more than double the minimum issue size of 30 billion pesos.
"We are happy with that result," Deputy Treasurer Eduardo Mendiola said, adding that robust investor take-up was a vote of confidence in the economy.
Following Tuesday's auction, there will be a public offer until Oct. 22. The government hopes to sell more of the bonds, which are meant to provide small investors with safe investment options.