Saturday, 08 January 2011 16:08
President Benigno S. Aquino III expressed confidence that the next batch of peso-denominated global bonds to be floated by the Department of Finance will be received with the same enthusiasm as the first offering.
Speaking to reporters after a command conference with Armed Forces officials at the Philippine Navy Headquarters in Manila, the President said increased investor confidence in the country would support this government program.
Strengthened investments particularly in the business process outsourcing industry such as the expansion made by global BPO leader Convergys at its San Lazaro complex and the billing of the Philippines as one of the best BPO sites in the world have made the country among the “hottest destinations for all of these investments,” he said.
“So, will I say it (global-peso bonds) will be 13 times oversubscribed, I don’t know. But we think it will be in that general frame…the response will be in the same vein as what happened in the first global offering,” he added.
Last September, the government issued 10-year, peso-denominated global bonds priced at 99.607 percent with a coupon of 4.95 percent and a yield of 5 percent.
The sale, which was participated in by a mix of Asian, American and European investors, netted for the country $1-billion (P44.1 billion) after only 16 hours of its issuance with bids reaching over 13 times the offer.
President Aquino lauded the sale saying, “the success of the peso bond float is a quantifiable and real vote of confidence in the country and the government, particularly our economic managers.” (PCOO/PIA9-BST)
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