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Philippines mulls sale of $2-billion bonds this year

January 04, 2010 | The Philippine Star

The Philippines may sell $1.5 billion to $2 billion in dollar or euro-denominated bonds early this year to raise funds for its financing needs, market sources said over the weekend.

“The government is looking at various options,” the source said.

National Treasurer Roberto Tan, for his part, said there is no specific date yet on when the government would float the bonds but noted that they are carefully assessing the market to determine the best time to tap the international debt market.

Tan, nonetheless confirmed that the government has asked the Bangko Sentral ng Pilipinas (BSP) to approve an issue of as much as $1.5 billion in dollar or eurobonds.

At the same time, sources said the government is also preparing to sell Samurai or yen-denominated bonds early this month. Sources said the government is already preparing an agreement to be signed with the Japan Bank for International Cooperation which would guarantee the issue.

The Philippines has filed a shelf offering, or registered an issue, with the US Securities and Exchange Commission (SEC) for the sale of up to $3 billion worth of debt securities and warrants in the United States, a necessary document to be able to float bonds in the US market.

According to government data, the government has $935 million or roughly 650 million euros in debt maturing in February and $561.5 million debt falling due in March.

In January last year, the government sold $1.5 billion in dollar-denominated bonds, $750 million in July and $1 billion in October, bringing last year’s borrowings from commercial creditors to a total of $3.2 billion. 

The program of the government for this year is to borrow roughly $2 billion from foreign commercial creditors and roughly $1.8 billion from multilateral lenders or a total of $3.8 billion.

The rest of the financing requirements for 2010 would be sourced from domestic sources. This would amount to P475.2 billion or roughly $9 billion.

The emerging borrowing mix for 2010, meanwhile, is that 72 percent would come from domestic sources and 28 percent would come from foreign lenders.

The government borrows from local and foreign sources to finance its budgetary requirements.

Società: Philippines

Nome completo della societàRepublic of the Philippines
PaesePhilippines
Paese di registrazionePhilippines

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