Philippines accepts PHP 136.6 billion of domestic bonds in exchange offer

By Angela McDaniels

Tacoma, Wash., Jan. 26 - Republic of the Philippines said it will issue PHP 66.5 billion of 6¼% Treasury bonds due 2014 and PHP 78 billion of 7% Treasury bonds due 2016 in exchange for PHP 136.6 billion of bonds tendered under an exchange offer.

The offer will settle on Tuesday, according to a republic news release.

Of the PHP 137 billion of bonds tendered in the offer, 99.6% were tendered on a non-competitive basis and will be accepted by the Treasury.

"The market's unequivocal support for the creation of large, liquid benchmarks shows the increased maturity and sophistication of the local fixed-income market," secretary Margarito Teves said in the release.

The exchange offer is part of the republic's debt consolidation program, under which it aims to actively manage its Philippines peso-denominated debt and develop the domestic bond market.

The final clearing yields of the exchanged bonds are noted in the table below.

Final clearing yields

Group A eligible bonds

Series Yield

8½% bonds due Feb. 17, 2009 5.05%

16½% bonds due Feb. 25, 2009 5.10%

11 7/8% bonds due April 6, 2009 5.10%

10¾% bonds due May 12, 2009 5.10%

14 5/8% bonds due May 27, 2009 5.15%

10 3/8% bonds due June 15, 2009 5.15%

12% bonds due June 17, 2009 5.20%

10 7/8% bonds due July 14, 2009 5.20%

11¾% bonds due July 16, 2009 5.20%

8¾% bonds due July 27, 2009 5¼%

10½% bonds due Aug. 4, 2009 5¼%

11 7/8% bonds due Aug. 12, 2009 5.35%

15% bonds due Sept. 2, 2009 5¼%

15½% bonds due Sept. 23, 2009 5.30%

15 1/8% bonds due Oct. 14, 2009 5.40%

12 3/8% bonds due Oct. 28, 2009 5.40%

15% bonds due Nov. 25, 2009 5.45%

14 7/8% bonds due Dec. 23, 2009 5.45%

11½% bonds due Jan. 27, 2010 5½%

14¾% bonds due Feb. 3, 2010 5½%

5½% bonds due Feb. 21, 2010 5½%

14 5/8% bonds due March 2, 2010 5½%

13 7/8% bonds due March 30, 2010 5½%

11½% bonds due April 7, 2010 5½%

6½% bonds due April 20, 2010 5.55%

13 7/8% bonds due April 27, 2010 5.55%

11 7/8% bonds due May 8, 2010 5.55%

14¼% bonds due May 25, 2010 5.55%

14¼% bonds due June 22, 2010 5.55%

14½% bonds due July 20, 2010 5.60%

10¾% bonds due July 21, 2010 5.60%

6 7/8% bonds due Aug. 1, 2010 5.60%

14 5/8% bonds due Aug. 20, 2010 5.60%

14 5/8% bonds due Sept. 1, 2010 5.60%

10 5/8% bonds due Sept. 8, 2010 5.60%

10 7/8% bonds due Sept. 22, 2010 5.60%

9 3/8% bonds due Dec. 1, 2010 5.65%

17½% bonds due Dec. 21, 2010 5.65%

5 3/8% bonds due Jan. 17, 2011 5.65%

17½% bonds due Jan. 18, 2011 5.65%

11% bonds due Jan. 22, 2011 5.70%

8½% bonds due March 3, 2011 5.70%

12% bonds due April 15, 2011 5.70%

10 5/8% bonds due June 22, 2011 5¾%

12% bonds due July 22, 2011 5¾%

8½% bonds due July 31, 2011 5¾%

16½% bonds due Oct. 11, 2011 5¾%

7¼% bonds due Oct. 19, 2011 5.80%

5 7/8% bonds due Dec. 6, 2011 5.80%

5 7/8% bonds due Dec. 13, 2011 5.80%

5 7/8% bonds due Jan. 8, 2012 5.80%

5¾% bonds due Feb. 21, 2012 5.85%

13% bonds due April 25, 2012 5.90%

11½% bonds due April 28, 2012 5.90%

7 1/8% bonds due Aug. 1, 2012 5.95%

11 3/8% bonds due Aug. 18, 2012 5.95%

12 1/8% bonds due Oct. 17, 2012 6.00%

10½% bonds due Nov. 17, 2012 6.05%

9% bonds due Jan. 5, 2013 6.05%

8¾% bonds due March 3, 2013 6.10%

6 5/8% bonds due March 13, 2013 6.10%

12¾% bonds due March 27, 2013 6.15%

11¾% bonds due May 15, 2013 6.15%

9 5/8% bonds due June 29, 2013 6.20%

9% bonds due July 31, 2013 6¼%

11% bonds due Oct. 9, 2013 6.30%

7 1/8% bonds due Nov. 2, 2013 6.30%

Group B eligible bonds

Series Yield

12 3/8% bonds due March 25, 2014 6.45%

12¾% bonds due July 15, 2014 6.55%

6½% bonds due Oct. 4, 2014 6.60%

12 3/8% bonds due Feb. 24, 2015 6¾%

8 3/8% bonds due May 22, 2015 6.80%

11 7/8% bonds due Aug. 25, 2015 6.90%

10 1/8% bonds due Dec. 15, 2015 7.00%

9¼% bonds due Jan. 12, 2016 7.00%

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