Philippines raises P70B from retail bonds at 4.25%

The Bureau of the Treasury (BTr) on Tuesday said it raised P70 billion from Retail Treasury Bonds (RTBs), more than double the P30-billion it was initially selling.
 
Data released by the BTr revealed that P70 billion was awarded from its initial offer of three-year fixed-rate RTBs at a coupon rate of 4.25 percent.
 
“The 19th Tranche of RTBs have a three-year tenor and is available to the general investing public between March 28 and April 6, 2017 at minimum denominations of P5,000,” the BTr said in a statement.
 
Total tenders reached P86.2 billion with a bid-to-cover ratio of 2.87.
 
“This prompted the Auction Committee to expand its offering from the initial announcement of P30.0 billion to accommodate market appetite,” the bureau said.

According to the BTr, it will do investment road shows to promote the issuance across the country from Mach 28 to April 3.
 
The BTr has tapped First Metro Investment Corp. and Land Bank of the Philippines as joint lead issue managers and BDO Capital & Investment Corp., BPI Capital Corp., China Bank Capital Corp., Development Bank of the Philippines, and SB Capital Corp. as joint issue managers.
 
The RTBs will be available through any of the 17 qualified selling agents: Banco de Oro Universal Bank, BDO Capital & Investment Corp., BPI Capital Corp., China Banking Corp., Citibank N.A., CTBC Bank (Philippines) Corp., Development Bank of the Philippines, First Metro Investment Corp., ING Bank, Land Bank of the Philippines, Metropolitan Bank and Trust Co., Philippine Bank of Communications, Philippine National Bank, Rizal Commercial Banking Corp., Security Bank Corp., Standard Chartered Bank, and United Coconut Planters Bank. — Ted Cordedro/VDS, GMA News