MANILA, Aug 19 (Reuters) – The Philippines’ Bureau of the Treasury will offer a minimum of 30 billion pesos (USD 536.58 million) worth of peso-denominated retail bonds at a rate-setting auction on Aug. 23, the first such issue under the new administration, it said on Friday.
The offer consists of five-year and 5-1/2-year fixed-rate bonds which will be made available to the public and to swap with some existing bonds maturing this year and in 2023, it said in a notice on its website.
The public offer period begins on Aug. 23 and ends on Sept. 2, with issue date set for Sept. 7.
The government, which last issued retail bonds in February, raising 457.5 billion pesos through the sale of five-year notes, has set a 75-25 borrowing mix for this year, relying mostly on the domestic market for funding requirements.
This year’s record 5.024 trillion pesos national budget programme is geared toward sustaining economic recovery and managing COVID-19 outbreaks.
The 2028 bonds will be available to retail investors at a minimum amount of 5,000 pesos.
Holders of retail bonds maturing in September and December this year, and in February next year can swap their holdings with the new issue.
($1 = 55.91 Philippine pesos)
(Reporting by Enrico Dela Cruz; Editing by Kanupriya Kapoor)
This article originally appeared on reuters.com