Philippines: Cleaning up the curve

After the success of the first phase of the Philippines’ local debt consolidation programme, the republic’s treasurer, Omar Cruz, announced in August the launch of an additional debt exchange offer.

Part of Cruz’s efforts to “clean up the yield curve” of the government’s peso-denominated debt programme [see Meet the market man, this issue], the latest debt exchange plan will permit holders of eligible bonds to exchange their holdings for a new 10-year benchmark bond with a target size of P20 billion ($390 million).