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MANILA: The Philippines said Thursday it had sold 200 million US dollars' worth of 10-year global bonds as part of a 4.45 billion-US-dollar effort to improve state finances.
The government also offered to swap 2.24 billion US dollars' worth of 2021 bonds for holders of bonds maturing between 2011 and 2017, and 950 million US dollars of 2034 bonds for securities maturing between 2019 and 2031.
The bonds will yield 4.091 per cent.
Finance Secretary Cesar Purisima said he was pleased with the outcome of the exercise.
"This is another achievement for the government as we go full speed with our plans to effectively manage our government's financial liabilities," he said in a statement.
Citi, HSBC, and UBS were the joint dealer managers and book runners for the transaction, Purisima said.
Earlier in September, the Philippines raised the equivalent of one billion US dollars through its first-ever peso-denominated global bond.
The budget ministry says the government needs to borrow about 2.96 billion US dollars abroad this year, and about 1.3 billion US dollars next year, to fund the budget deficit.
President Benigno Aquino's government expects an overall funding shortfall next year of about 290 billion pesos (6.60 billion US dollars), or 3.2 per cent of the gross domestic product, down from 325 billion pesos this year.
- AFP/fa
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