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Manila Bulletin devider Business devider Gov't plans to borrow P150-B locally in Oct.

Gov't plans to borrow P150-B locally in Oct.

Published Sep 28, 2023 08:15 am

At A Glance

  • The Bureau of the Treasury plans to borrow P150 billion in the domestic market in October, a 16% decrease from the previous month.<br>Treasury bill (T-bill) auctions will be held every week, targeting a total of P60 billion.<br>T-bill auctions for 91-day, 182-day, and 364-day bills are scheduled for Oct. 2, 9, 16, and 23.<br>Treasury-bond auctions are expected to raise approximately P90 billion.<br>Five-year T-bonds worth P30 billion will be auctioned on Oct. 10.<br>Seven-year debt papers worth P30 billion will be auctioned on Oct. 17.<br>Ten-year instruments worth P30 billion will be auctioned on Oct. 24.<br>There will be no T-bond auction on October 3 to accommodate the retail dollar bond offer, ending on Oct. 6.

The Marcos administration has scaled back its borrowing plan for the next month in light of the retail dollar bond sale, which is slated to conclude in the first week of October, data from the Bureau of the Treasury showed.

In a memorandum posted on the Treasury website on Thursday, Sept. 28, the bureau stated that the national government intends to borrow P150 billion from the domestic market in October this year.

That amount reflects a 16 percent decrease compared to this month's borrowing program of P180 billion.

However, October's program is higher by 24 percent when compared to the P121.064 billion raised from the tender of Treasury bills (T-bills) and Treasury bonds (T-bonds) in September.

The Treasury has announced plans to conduct weekly auctions for T-bills with the aim of raising a total of P60 billion.

The auction dates for P5 billion worth of 91-day, 182-day, and 364-day T-bills have been scheduled for Oct. 2, 9, 16, and 23, according to the Treasury.

Additionally, T-bond auctions are anticipated to generate around P90 billion.

The Treasury aims to raise P30 billion through five-year T-bonds on Oct. 10, another P30 billion through seven-year debt papers on Oct. 17, and a final P30 billion through 10-year instruments on Oct. 24.

To accommodate the retail dollar bond (RDB) offer, which is set to conclude on October 6, the Treasury has decided not to hold a T-bond auction on Oct. 3.

The RDBs were issued with a coupon rate of 5.750 percent, surpassing the interpolated 5.5-year bond rate based on the PHP Bloomberg Valuation (BVAL) Service Reference Rates.

Started on Wednesday, Sept. 27, and lasting until Friday, Oct. 6, 2023, select banks will offer the onshore RDBs to interested investors.

The authorized selling banks include Bank of the Philippine Islands, China Banking Corp., Development Bank of the Philippines, HSBC, Metropolitan Bank & Trust Co., Philippine National Bank, Land Bank of the Philippines, and Union Bank of the Philippines.

Additional selling agents for the RDBs are BDO Capital and Investment Corp. and First Metro Investment Corp.

The RDBs are scheduled to be issued on Oct. 11, 2023.

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

Treasury bills government borrowing treasury bond Bureau of the Treasury
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