$500 M retail treasury bonds to be auctioned by the government
$500 million retail treasury bonds will be auctioned by the government on April 21. These RTB were intended for overseas Filipino workers (OFWs).
National Treasurer Roberto Tan is confident that they would be able to sell the whole $500 million after conducting a series of successful briefing in different parts of the globe.
Tan said that they were very pleased with the warm reception from OFWs from the United States, Europe and some parts of Asia.
Tan led of delegate composed of government officials and issue underwriters. They went to different countries conducting “financial literacy seminars” for OFWs to discuss the benefits of investing in the said OFW bonds.
The bonds, which are also known as the Fixed Rate Multicurrency Retail Treasury Bond, will be offered to investors from April 21 to April 27. First Metro Investment Corp. (FMIC), BPI Capital Corp., Development Bank of the Philippines, PNB Capital & Investment Corp., and BDO Capital & Investment Corp. were tapped as issue managers of the RTBs.
The investment instruments are available in three and five year bonds, comprising of $400 million in dollar denominated bonds and 75 million in euro-denominated bonds.
At least 20 percent of the $500 million bonds are intended for retail investors, and the rest are for institutional investors. Investments ranging from $100 to $100,000 will be considered retail.
To encourage OFWs to invest in the multi-currency bonds, the government is offering them exemption from the 20 percent tax usually slapped on said instruments. This is in line with the governments thrust to provide overseas Filipinos an investment facility for their earnings.
April 19, 2010
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Tags: auctioned, exemption, Government, incentive, investment instruments, money, multi-currency, Philippines, retail treasury bonds, RTB В· Posted in: Announcement, banking, economy, finance, Government, investments, money, Philippine business news, Philippines
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Sale of OFW retail treasury bonds completed | Money and Finance - April 27, 2010
[...] auction of the retail treasury bonds of the Philippine government has been completed and according to National Treasurer Roberto Tan, [...]
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