Philippines Starts Marketing Dual-Tranche Dollar Bond Offering
WikiFX
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2020/12/2 2:46:16
The Philippine government started marketing dollar-denominated bonds as it seeks to raise funds to counter the economic impact of the coronavirus.
The dual-tranche offering of 10.5-year and 25-year bonds comes as the Southeast Asian nation faces a record budget deficit this year. It would be the countrys second foray into the international markets this year after it raised $2.35 billion in April as the pandemic spread across the world.
The Philippines expects its budget deficit to climb to as much as 1.8 trillion pesos ($37.5 billion) this year, or 9.6% of gross domestic product, as it boosts spending to help an economic recovery. Its turning to the dollar bond markets even after a plan to sell yen-denominated debt market this year was scrapped.
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