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MANILA, Aug 15 (Reuters) - The Philippines has so farreceived offers of more than 140 billion pesos ($3.21 billion)for its new 2024 bonds, part of a domestic debt swap aimed atlengthening the government's debt maturity profile, an officialat one of the six underwriters said on Friday.
Apart from over 140 billion pesos worth of local bondssubmitted under the debt exchange programme, Manila has so farobtained bids of 20 billion pesos for the sale of new 10-yrbonds, Roberto Juanchito Dispo, president of First MetroInvestment Corp said.
Proceeds from the sale will be used to pay accrued intereston the bonds which will be exchanged for the new 2024 bonds,according to the Bureau of Treasury.
The offer period for the government's bond swap programmewill end on Friday. The coupon rate for the new bonds will beannounced on August 19, and settlement is on August 20.
Two trillion pesos worth of government securities maturingbetween September 2014 to June 2024 were eligible to participatein the swap.
Manila's last domestic bond exchange was in July 2011, whena record 323.5 billion pesos of new 2022 and 2031 bonds wereissued. The debt exchange extended the average maturity of thelocal bonds swapped to 18 years from about 5.5 years.
The other banks mandated to handle the deal were state-runLand Bank of Philippines and Development Bank of thePhilippines, BDO Capital and Investment Corporation, BPI CapitalCorp and HSBC (1 US dollar = 43.6000 Philippine peso) (Reporting by Karen Lema; Editing by Simon Cameron-Moore)
