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The Bureau of the Treasury (BTr) launched the 29th offering of its Retail Treasury Bonds (RTB 29) with a tenor of five and a half (5.5) years and a gross interest rate of 6.125% per annum that is payable every quarter until its maturity in 2028. A total of Php162.18 billion was raised out of the Php196.11 billion received during the auction, leading to an oversubscription of 6.54 times from the initial Php30.0 billion offering.
RTBs are fixed-income instruments issued by the National Government that are low-risk, affordable and convenient. Filipinos can invest in RTB 29 for as low as Php5,000 and in multiples of Php5,000 thereafter. The offer period for RTB 29, which is the BTr’s first Peso-denominated retail offering for the year, will run from February 7 to 17, 2023, with the issue date scheduled on February 22, 2023, subject to the discretion of the BTr. With its campaign dubbed “Sama-sama sa Bagong Pag-asa,” RTB 29 enjoins everyone to help fund the National Government’s projects in infrastructure, agriculture, education, and healthcare, among others, all in the hopes of building a better life for every Filipino. "It reflects our desire to forge much closer ties with our retail investors, and our positive outlook towards sustainable economic growth and recovery. RTB 29 is also a celebration of the bond that we have carefully strengthened through almost 22 years of arduous endeavor towards a more inclusive and efficient retail market." said National Treasurer Rosalia V. de Leon. The RTBs have promoted financial literacy and inclusion among Filipinos as they are easily accessible to the investing public through online channels. Aside from the traditional over-the-counter subscription through the authorized Selling Agents, the public may also use BTr’s Online Ordering Facility via www.treasury.gov.ph, and mobile banking apps (MBAs), such as Bonds.PH, Land Bank of the Philippines MBA, and the Overseas Filipino Bank MBA. Similar to recent RTB issuances, the BTr will also be conducting an exchange offer program in conjunction with RTB 29. This program shall enable holders of eligible bonds (FXTN 5-75, FXTN 7-58, and FXTN 20-5) to exchange their holdings for RTB 29 at a 1:1 ratio. Investors who will participate in the RTB 29 Switch Program shall receive interest on their eligible bonds that will accrue until the issue date of RTB 29. The Development Bank of the Philippines and the Land Bank of the Philippines are the Joint Lead Issue Managers for the RTB 29 offering, while BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation, First Metro Investment Corporation, PNB Capital and Investment Corporation, SB Capital Investment Corporation, and Union Bank of the Philippines are the Joint Issue Managers. Further, the Selling Agents for the RTB 29 offering include Asia United Bank, Banco De Oro Unibank, Inc., BDO Capital & Investment Corporation, BPI Capital Corporation, China Banking Corporation, Citibank N.A., Development Bank of the Philippines, East West Banking Corporation, First Metro Investment Corporation, ING Bank NV, Land Bank of the Philippines, Maybank Philippines Inc., Metropolitan Bank & Trust Company, Philippine Bank of Communications, Philippine National Bank, Rizal Commercial Banking Corporation, Robinsons Bank Corporation, Security Bank Corporation, Standard Chartered Bank, The Hongkong & Shanghai Banking Corporation Ltd., and Union Bank of the Philippines. Interested investors may visit the BTr’s website at www.treasury.gov.ph for more information on this issuance.
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