August 18, 2018 / 4:01 AM / 7 months ago

Philippine Finance chief wants samurai bond issue every other year-Nikkei

TOKYO, Aug 18 (Reuters) - Philippine Finance Secretary Carlos Dominguez would like his country to issue yen-denominated “samurai” bonds every two years after a successful issuance of such bonds earlier this month, Japan’s Nikkei business daily on Saturday quoted him as saying.

The Philippines, one of Asia’s most active issuers of sovereign debt, sold $1.38 billion worth of yen-denominated bonds this month, the first such issue in eight years. The amount was more than the $1 billion the government had earlier this year planned to raise from the issue.

The proceeds will got toward funding President Rodrigo Duterte’s six-year, $180 billion infrastructure programme to lift the Philippine economy’s growth trajectory, create jobs and bring down poverty.

The Nikkei quoted Dominguez as saying in an interview that he had informed a relevant government division that he wanted yen-denominated bonds to be issued every other year.

He was also quoted by the newspaper as saying that the samurai bond issue this month was aimed at diversifying the methods of raising funds after U.S. rate hikes pushed up borrowing costs. (Reporting by Kiyoshi Takenaka in Tokyo, Karen Lema in Manila; Editing by Simon Cameron-Moore)

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