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Manila Bulletin devider devider BTr to launch new P30-B RTBs May 30

BTr to launch new P30-B RTBs May 30

Published May 25, 2018 12:00 am
By (Reuters) The Bureau of the Treasury said on Friday it would begin an offer of 2021 retail treasury bonds on May 30. The launch of a minimum P30 billion worth of 3-year retail bonds would come two days before the central bank's 1 percentage point cut in the reserve requirement ratio (RRR) comes into effect. The retail bonds will be sold to the public and state-run firms from May 30 to June 8, the Bureau of the Treasury said in a notice on its website. Pricing will be set at an auction on May 30 and issuance is on June 13. On Thursday, the Bangko Sentral ng Pilipinas announced a second cut in banks' reserve requirement in three months that would bring the RRR level – still one of the highest in Asia – to 18 percent. The 1 percentage point RRR cut is expected to add around P100 billion to the financial system after it takes effect on June 1. The retail bond offering could help siphon off additional liquidity, which analysts have said, could add more pressure on the peso which hit a fresh 12-year low on Friday. The government last issued a retail treasury bond in November, raising R255.4 billion from the five-year debt. Proceeds from the new retail treasury bond will help raise funds for the government's aggressive spending to build and modernize roads, bridges, railways, seaports and airports under its flagship $180-billion "Build, Build, Build" program. In view of the retail bond offering, the Bureau of the Treasury has cancelled the May 29 auction for its 20-year T-bonds.
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