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P10-B retail T-bonds oversubscribed — BTr |
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By Donnabelle L. Gatdula
The Philippine Star 09/01/2005 The Bureau of Treasury (BTr) reported yesterday that the P10 billion worth of five-year retail treasury bonds (RTBs) issued by the government was oversubscribed. National Treasurer Omar Cruz told reporters that they have received a total of P16.6-billion bids for the RTBs. "We have fully awarded the P10 billion," Cruz said adding that it shows the appetite and demand for RTBs. There is a huge market for retail bonds. The market has been waiting for this. The RTBs which fetched an average rate of 10.293 percent will have an issue date of Sept. 8, 2005. Cruz said this rate was far better or 112 basis points lower than the rate of the P42 billion worth of three and five-year RTBs issued by the BTr last year. According to Cruz, the successful RTB issuance was also a reflection of the National Government’s commitment to develop further the capital market. "It is important for the Republic to nurture an alternative investment. This helps in the deepening of the capital market particularly for small and medium-sized investors," Cruz said. He said the BTr has selected 18 selling agents to facilitate the sale of the RTBs to retail investors. "We have given them (selling agents) up to Sept. 6 from the start of the public offering today to sell the RTBs on a first come-first serve basis," he said. The selling agents are: First Metro Investment Corp., Metrobank, Equitable PCI Bank, BPI Capital Corp., Philippine National Bank, Development Bank of the Philippines, Union Bank of the Philippines, BDO Capital, BDO Universal Bank, Land Bank of the Philippines, Multinational Bancorporation, Rizal Commercial Banking Corp., United Coconut Planters Bank, Deutsche Bank, ING Bank, China Banking Corp., Export Import Bank and Allied Banking Corp. The National Treasury head also said that a portion of the government’s debt papers will go to small investors. Cruz said that they would also be canceling some of the regular Treasury bond issuance this year. "We would be announcing mid-September our borrowing program for the last quarter of the year. The announcement will also include the list of T-bond issuance that we would have to cancel which would be replaced by the RTBs," he said. |
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