MANILA, Dec 2 (Reuters) - The Philippine government launched
an offering of 10.5-year and 25-year U.S. dollar-denominated
bonds on Wednesday to raise funds needed to mitigate the
economic damage of the coronavirus pandemic.
The long-term benchmark bonds would carry a yield of around
100 basis points above the 10-year U.S. Treasury benchmark,
based on the government's initial guidance.
National Treasurer Rosalia De Leon could not say at this
stage how much the government aimed to raise from the bond sale,
which follows a similar U.S. dollar bond offering in April that
raised $2.35 billion.
The Philippines, one of Asia's most active issuers of
sovereign debt, would use the proceeds from the bond sale to
support its budget, the Bureau of the Treasury said.
Both chambers of congress have approved a record 4.5
trillion pesos ($93.7 billion) budget for 2021, part of which
will be used to purchase COVID-19 vaccines as the government
aims to immunize a third of its 108 million population.
Credit Suisse, Daiwa Capital Markets, Deutsche Bank, Morgan
Stanley, Standard Chartered Bank and UBS are joint bookrunners,
IFR reported. ($1 = 48.0250 Philippine pesos)