The Philippine government plans to launch an up to 300 billion peso domestic bond ($6.5 billion) swap offer this week, aimed at extending its debt maturities. An official at one of the eight banks handling the deal said the launch could happen as early as on Wednesday, with the Bureau of Treasury likely to announce that it will issue bonds with tenors of 10 and 25 years. The approved maximum amount for the swap was 300 billion Philippine pesos.
National Treasurer Roberto Tan said he was still meeting with the banks handling the deal on Tuesday to finalise the details. The eight banks tapped to handle the deal were First Metro Investment Corp, BDO Capital, BPI Capital, Land Bank of the Philippines, Development Bank of the Philippine, Deutsche Bank, HSBC and Citibank Manila issued 140 billion pesos of 2024 bonds in the last domestic bond exchange in August last year.
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