Outstanding bond issues up 13% to P3.18 trillion

MANILA, Philippines - The Philippines’ outstanding bond issues increased by 13 percent to P3.18 trillion as of September this year, according to the Asian Development Bank (ADB).

Total local currency (LCY) bonds outstanding on a quarter-on-quarter basis, grew 3.6 percent, driven by an increase in outstanding government bonds.

Based on data from the ADB’s Asian Bond Monitor, outstanding government LCY bonds rose 11.8 percent year on year to P2.80 trillion as of end- September, mainly due to a 15.6 percent year-on-year increase in outstanding government Treasury bonds.

Other bonds, which include government-guaranteed bonds and bonds owned by government-owned- and-controlled corporations (GOCCs), increased 47.9 percent to P132 million.

Meanwhile, the outstanding amount of Treasury bills fell 4.8 percent to P578 billion.

In the third quarter, government issued a total of P113.3 billion in government bonds, including P97.5 billion worth of five-, seven-, and 10-year retail Treasury bonds. The government also issued P62.5 billion in Treasury bills.

Outstanding corporate LCY bonds stood at P383 billion as of end-September, posting a growth of 22.4 percent.

The top 20 corporate bonds outstanding by issues as of September 2010 had a combined value of P307.29 billion, representing 80.3 percent of total corporate bonds.

These are: San Miguel Brewery, P38.8 billion; Banco de Oro Unibank Inc., P33.09 billion; Rizal Commercial Banking Corp., P21 billion; Manila Electric Co., P20.2 billion; Metropolitan Bank & Trust Co., P18.5 billion; Philippine National Bank, P17.75 billion; Globe Telecom, P16.8 billion; Petron Corp, P16.3 billion; Ayala Corp., P16 billion; Robinsons Land Corp., P15 billion; JG Summit Holdings, P13.31 billion; Energy Development Corp., P12 billion; First Philippine Holdings, P11.4 billion; Bank of the Philippine Islands, P10 billion; SM Investments Corp., P9.4 billion; Allied Banking Corp., P8 billion; SM Prime Holdings, P8 billion; Philipine Long Distance Telephone Co., P7.5 billion; Ayala Land Inc., P7.34 billion, and Aboitiz Power Corp., P6.80 billion.