Philippines ready to launch peso bond swap
The Republic of the Philippines is set to launch a debt exchange next week which will allow holders of peso-denominated government bonds to swap them for new five and seven year issues, simplifying the sovereign’s yield curve and directing liquidity to a few key issues.
It will be the fourth time the countrys treasury has used an exchange offer to streamline government bond maturities, pulling investors from illiquid issues into new benchmark bonds
The government hopes the auction will allow government bonds to better serve as benchmarks for corporate bond sales in the country.
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