PH eyes US$2.3-B bond swap-arranger

Reuters

Posted at Jul 05 2011 07:13 PM | Updated as of Jul 06 2011 11:25 AM

MANILA  - The Philippines plans to issue at least 100 billion Philippine pesos ($2.3 billion) of new 10.5-year and 20-year local bonds in a swap for shorter-dated securities, one of arrangers of the deal said on Tuesday. 
  
The minimum coupon for the 10.5 year bonds is at 6.375 percent, and 8 percent for the 20-year bonds, Roberto Juanchito Dispo, president of First Metro Investment Corp., told reporters. 
  
Final pricing for the swap offer is on July 15, he said. 
  
Manila's previous domestic bond exchange was in December, when 185 billion pesos of 2020 and 2035 benchmark bonds were issued. It also sold 15 billion pesos of debt as part of the offer.