The time & date in Clark, Philippines is

Govt schedules fresh bond exchange next week

By Katrina Mennen A. Valdez, Reporter

THE Bureau of Treasury is set to hold another round of its bond exchange program next Tuesday.
Deputy Treasurer Eduardo Mendiola told reporters on Tuesday that the debt swap will be launched on June 28 and that the government will exchange existing IOUs that are shorter than 10 years for new 10- and 20-year bonds.
“There is no minimum size and we neither have cap for this new bond exchange. But we are hoping that the December volume would be matched by this forthcoming exchange,” Mendiola said.
The government swapped around P190 billion worth of new 2020 and 2035 bonds last December with coupon rates of 5.875 and 8.125 percent, respectively. It also raised another P10 billion in new money.
“So far, we have not given our go signal to the arrangers yet.
Hopefully, we do not need it anymore. We have lots of cash,” Mendiola said, when asked if the fresh swap would have a cash component as well.
Besides lengthening the country’s debt maturities, the debt exchange would create a benchmark for 20-year obligations, and hence complete the benchmark rates for five, seven, 10, 20 and 25-year bonds, the official said.
“We only have benchmark for 25-year notes. We don’t have 20-year yet. It is the government that provides benchmark for the domestic market,” he said.
Mendiola said the government also aims to narrow the spread for 10-, seven- and five-year notes by improving the marketability of the 10-year bonds.
“Of course we won’t exchange bonds with tenors of more than 10 years as it would only defeat the purpose of deepening the market for 10-year and 20-year bonds,” he said.
“We will get the bonds that are 10 years shorter and issue new 10-year or 20-year notes.”
He said the bond exchange will last until first week of July, with the settlement for set on the second week of the same month.
“Tomorrow, I have meeting with the officials and staff of the Office of the President wherein we would also expect to get the BSP’s opinion on the exchange,” he said.
The arrangers, Land Bank of the Philippines and Development Bank of the Philippines, have already chosen their joint issue arrangers, which include BPI Capital Corp., First Metro Investment Corp., Citi Bank and SB Capital.
Full award
The Treasury on Tuesday fully-awarded its 10-year bond offering worth P9 billion as the interest rate for the said securities barely moved.
Bankers sought a yield of 6.436 percent, which was 0.9 basis points lower than when the same papers were last offered. On April 28, the
rate for the same securities stood at 6.445 percent.
“The rate hardly moved. Today was rather an easy auction for us,” Mendiola said.
The deputy treasurer attributed the investors’ behavior to the recent move of the BSP to keep the policy rates steady.
“Also, they [bankers] know that the government is not in dire need of money. Hence, they are not in the position to demand for higher rate,” he said.
At the secondary market, the done deal for the 10-year obligation was quoted at 6.4 percent, or 6.4 basis points higher than in the government auction.
For this week, the government’s due and demandable debt amounts to P1.4 billion.

Source: http://www.manilatimes.net/business/govt-schedules-fresh-bond-exchange-next-week/

With new golf courses springing up in and around Clark Philippines and an ever-increasing patronage by tourists from neighboring South Korea, Clark Freeport is short on hotel accommodation.

Even with the addition of 27 holes in 2009 and 2010, there is an acute shortage golf tee times for at least 5-6 months each year. Local players compete with frustrated (golf) tourists from Korea and China for tee times. Unfortunately Clark Philippines doesn’t have the luxury of vast tracts of land suitable for this type of development.

Mimosa offers 36 holes of championship golf, visitors can pay and play, busy during the weekends but not that difficult to get on or join up with a group to form a 4-ball. The new FAKCC offers 27 holes of world-class golf.

This web site contains articles and information that will be helpful to visitors, residents and tourists traveling out of town from Manila on a short getaway to Subic, Angeles City, Pampanga and Clark Philippines. There are several web sites that contain information that might also be pertinent to what is happening in North Luzon.

For assistance with organizing and planning weddings and garden receptions, log on to http://www.PhilippinesWeddingVenue.com

For assistance with lodgings, accommodations, hotels and resorts near Manila in Subic, Pampanga, Angels City and Clark Philippines log on to http://www.HotelClarkPhilippines.com

While in Clark, one might as well add to the itinerary a visit to the famous Clark Wine Center, the largest wine shop in Philippines which offers over 2000 selections of fine vintage wine from all wine regions, vintages spanning over 50 years covering all price ranges.

http://www.ClarkWineCenter.com

---

If this article about Clark is useful to you, please click here to contact us to tell us what more you wish to know about this article or Clark Philippines, which can be something about Clark investment, about Clark resorts, about Clark Swimming and Leisure or simply general news about Clark.

---

Please send questions to Editor@ClarkPhilippines.com. Leave your name, email address, contact numbers and we will get back to you as soon as possible. Information received will not be disclosed.

---