December 27, 2018 / 4:23 AM / 6 months ago

Philippine corporate bond issuance may hit $3.8 bln in 2019

MANILA, Dec 27 (Reuters) - Philippine companies are expected to raise around 200 billion pesos ($3.8 billion) through bond issues next year to fund expansion plans and debt payments, the country’s bond market operator said on Thursday.

Corporate bond listings in the PDS Group’s fixed income trading platform jumped nearly a quarter to a record-high 256.4 billion pesos this year, led by banks that tapped the bond market for fresh capital.

“If you foresee growth in the economy, then you will have the demand for funding and expansion,” Ma. Theresa Ravalo, officer-in-charge of the PDS Group, which operates the country’s bond trading platform, told Reuters.

Banks, property and infrastructure firms could access more funds from the bond market next year, she said, adding that next year’s forecast could be revisited in the second half.

Philippines President Rodrigo Duterte has pledged to usher in a “golden age of infrastructure” through a six-year, $180 billion overhaul of ageing airports, roads, railways and bridges.

To date, there are 50 companies that have a combined 164 bond issues worth 1.05 trillion pesos in the Philippines’ fixed income trading platform.

$1 = 52.70 Philippine pesos Reporting by Neil Jerome Morales; Editing by Sunil Nair

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