Philippines initiates debt consolidation programme

The Philippines looks to create liquid domestic benchmarks to entice offshore investors into the peso bond market.

The Republic of the Philippines is seeking to initiate a domestic debt consolidation programme to strengthen the government debt market and reduce the country's dependence on the international bond market. The programme is akin to a foreign debt consolidation programme instigated by the sovereign in 1996.

Under the consolidation programme the government is inviting any holders of two-year to seven-year Philippine treasury bonds to exchange them for an inaugural series of domestic benchmark bonds. The new...

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