New Issue: Philippines sells upsized PHP 100 billion of 3½% 10-year Treasury bonds

By Susanna Moon

Chicago, Sept. 19 – The Philippines Bureau of the Treasury sold an upsized PHP 100 billion in an auction of its 3½% bonds due 2026.

The issue upsizing comes “after the nine-day public offer period and subsequent road shows raised considerable demand for the securities in the order books of the authorized selling agents,” according to a notice.

BDO Capital & Investment Corp., BPI Capital Corp., the Development Bank of the Philippines and Chinabank Capital are the managers for the retail offering. Land Bank of the Philippines and First Metro Investment Corp. are the lead managers.

The issuer sold PHP 65 billion of the notes at auction on Sept. 6 at par for an average yield of 3.466%, with competitive bids for PHP 123.74 billion and no non-competitive bids.

Issuer:	Philippines Bureau of the Treasury
Issue:	Treasury bonds
Amount:	PHP 100 billion, upsized from PHP 65 billion
Maturity:	Sept. 20, 2026
Coupon:	3½%
Price (average):	Par
Yield (average):	3.466%
Lead managers:	Land Bank of the Philippines and First Metro Investment Corp.
Managers:	BDO Capital & Investment Corp., BPI Capital Corp., the Development Bank of the Philippines and Chinabank Capital
Other banks:	BDO Universal Bank, Citibank NA, East West Banking Corp., ING Bank, Metropolitan Bank & Trust Co., Philippine Bank of Communications, Rizal Commercial Banking Corp., Robinson Bank Corp. and Security Bank Corp
Auction date:	Sept. 6
Upsized:	Sept. 19
Settlement date:	Sept. 20

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