Philippines launches domestic bond swap offer

Posted at 08/06/14 5:12 PM

MANILA - The Philippine government on Wednesday launched a domestic bond swap offer, offering to exchange at least P60 billion ($1.37 billion) in new 10-year bonds.

The bonds will be priced during an auction set for Aug. 18, said Reynaldo Montalbo, senior vice president at First Metro Investment Corp, one of the six banks hired to manage the offer.

Montalbo said holders of government securities maturing between September 2014 to June 2024 can participate in the swap.