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Manila Bulletin devider Business devider Diokno: Treasury beats $1-B target for RDBs

Diokno: Treasury beats $1-B target for RDBs

Published Oct 3, 2023 08:31 am

At A Glance

  • The Marcos administration has surpassed its target proceeds for the sale of onshore retail dollar bonds (RDBs).<br>The Bureau of the Treasury has generated over $1.03 billion in funds through the ongoing 5.5-year offering of RDBs as of Monday.<br>Finance Secretary Benjamin E. Diokno said the offer period for the second RDB sale will continue until Friday, Oct. 6.<br>The government plans to generate more funds from the sale, given the strong demand for the RDBs, with investors oversubscribing the auction by more than three times last week.<br>The government decided to increase the allocation for the 5.5-year RDBs, which were issued with a coupon rate of 5.750 percent.

The Department of Finance (DOF) said the Marcos administration has successfully surpassed its target proceeds for the sale of onshore retail dollar bonds (RDBs).

Finance Secretary Benjamin E. Diokno said on Tuesday, Oct. 3, that the Bureau of the Treasury has generated over $1.03 billion in funds as of Monday through the ongoing 5.5-year offering of RDBs.

“Yes,” Diokno replied in a mobile phone message to Manila Bulletin when asked if the Treasury bureau had reached the $1 billion goal. “We have achieved the target amount.”

With the offer period for the second RDB sale extending until Friday, Oct. 6, the government is poised to generate more funds from the sale.

“No, we will not shorten the offer period,” Diokno said.

Last Friday, the finance chief said there was a strong demand for the RBDs.

The government raised $611.2 million through a price-setting auction for the RDBs last Sept. 27, marking President Marcos' first issuance of these instruments to local investors, particularly overseas Filipino workers.

The Treasury had planned to offer $200 million worth of RDBs at the auction. However, the response exceeded expectations, with investors oversubscribing the auction by more than three times. 

Consequently, the government decided to increase the allocation for the 5.5-year RDBs, which were issued with a coupon rate of 5.750 percent.

“We definitely provided some premiums for retail investors,” Sharon P. Almanza, officer-in-charge of the Bureau of the Treasury, said. “It’s a way to promote also this RDB.

She also said the interest rate is reasonable.

“This is a new issue as well, it’s not going to be priced same as our secondary. We think it's a reasonable spread,” Almanza said.

RDBs are a type of government investment that provides individuals with a fixed interest rate over a specific period and guarantees the return of their initial investment at maturity.

These bonds are part of an initiative to make government bonds accessible to retail investors.

Related Tags

retail dollar bonds Finance Secretary Benjamin E. Diokno Bureau of the Treasury
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