By Ditas B Lopez, Bloomberg
The Philippines is rethinking a plan to sell five-year jumbo bonds later this month as a falling peso and rising interest rates make borrowings more expensive.
“We are reassessing the plan to ensure that our borrowing strategy remains responsive to evolving market conditions,” National Treasurer Sharon Almanza said Thursday in reply to Bloomberg News queries. She said the government didn’t anticipate the Middle East situation will further deteriorate when the borrowing plan was prepared in June, adding a decision on this month’s bond sale will be out “soon.”
Jumbo bonds, also known as fixed-rate Treasury notes sold to institutional investors, typically raise a significant portion of the government’s funding requirements similar to retail bonds that are offered to individual investors.
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