Bloomberg: The Philippines will issue tokenized bonds to institutions

ChainCatcher news, according to Bloomberg, the Philippines will sell tokenized government bonds for the first time next Monday to further develop its domestic debt market.

According to the issuance notice, the Department of Finance will issue at least 10 billion pesos (approximately 179 million USD) in one-year tokenized bonds maturing in November 2024 to institutional buyers, with a minimum denomination of 10 million pesos and increments of 1 million pesos. The final interest rate will be determined through book-building and announced on November 20. The Development Bank of the Philippines and the Land Bank of the Philippines, both state-owned banks, are the issuing management agencies.