Philippines raises $408 million from T-bond offer

Business Recorder reported that the Philippine Bureau of the Treasury raised 25.16 billion pesos, or $408.17 million, through a reissue auction of 2030 and 2036 T-bonds held on Tuesday. The sum was lower than the 30 billion to 50 billion peso range the programme had set. Bids totalled 72.88 billion pesos, well above the amount the treasury chose to award.

The auction split the award between two maturities. The 2030 T-bonds accounted for 20 billion pesos at an average rate of 6.988%, while the 2036 bonds took 5.16 billion pesos at an average rate of 7.300%.

The report contains no other figures, and it does not name any Pakistani-listed company or sector. Among the two maturities, the 2036 bonds carried the higher average rate, at 7.300%, compared with 6.988% for the 2030 bonds.