Philippines to launch retail treasury bonds on February 21

The Philippine will launch its retail treasury bonds on February 21.

Deputy Treasurer Eduardo Mendiola said that the government will launch the debt paper meant for individual investors from Feb. 21 to 28.

It will have a minimum issue size of P40 billion.

The settlement date is set on March 1. The RTBs will have tenors of 15 years and 20 years.

Proceeds will be used to replenish the government’s Bond Sinking Fund.  This month, some P88 billion worth of government obligations are maturing.

Mendiola said that nine banks were hired to become joint-issue managers for the RTB offering. These are Land Bank of the Philippines, Development Bank of the Philippines, Philippine National Bank, First Metro Investment Corp., Metropolitan Bank and Trust Co., BDO Capital Corp., BPI Capital, China Banking Corp. and Deutsche Bank AG.

The Treasury earlier said that it plans to regularly sell RTBs twice a year to encourage more public participation in the government offering.

During its RTB offering in 2011, the government raised P104 billion in March and another P110 billion in October.

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Tags: retail treasury bonds, Philippine bonds, individual investors