MANILA — The Philippines has raised $1.26 billion from its sale of onshore U.S. dollar-denominated retail bonds, the finance minister said, slightly above its target.
The sale, launched on Sept. 27, was designed to give Filipinos an alternative investment opportunity. The bonds, which mature in 2029, have a coupon rate of 5.750%.
Demand for the bonds reached $1.28 billion allowing the government to raise more than its $1 billion initial plan, Finance Secretary Benjamin Diokno said during a news conference on Friday for release on Monday.
The Philippines regularly taps local and foreign debt markets to help finance its budget deficit. It plans to issue its maiden sukuk bonds by the end of November, targeting institutional funds in the Middle East.
— Reporting by Karen Lema; Editing by Christian Schmollinger