Philippines raises $404 million from T-bond offer

The Philippine Bureau of the Treasury raised 25.38 billion pesos, about $404.33 million, from a T-bond auction held on Tuesday, Business Recorder reported. The amount fell short of the 35 billion pesos the Treasury had offered, so the sale was only partially filled.

Within the sale, reissued 2030 bonds took 15.42 billion pesos at a mean rate of 7.678%. Another 9.96 billion pesos was placed in reissued 2050 bonds, at a mean rate of 8.002%. The 2030 series received the larger share of the two.

Total tenders reached 40.97 billion pesos, which was higher than the amount the Treasury accepted. The result offers a snapshot of sovereign borrowing conditions in the Philippines, though it has no direct link to PSX-listed companies.