PHL raises $2.35B from bond sale
THE Philippines raised $2.35 billion from its dollar-denominated bond sale as it seeks to beef up state coffers, fetching a low coupon amid strong demand and despite caution across the globe due to the pandemic.
In a statement, the Bureau of the Treasury (BTr) on Tuesday said it sold $1.35 billion in 25-year dollar-denominated global bonds, and $1 billion in 10-year dollar bonds, marking its second offshore issuance this year.
Finance Secretary Carlos G. Dominguez III said the strong demand for the issue showed the “resiliency” of investor confidence in the economy amid the coronavirus disease 2019 (COVID-19) pandemic.
“Such support from the investor community is a result of the continued strong macroeconomic fundamentals of the country brought about by the reform agenda of the Duterte administration,” Mr. Dominguez said in the statement. READ MORE (over-subscription shows many are confident of Philippines Economy)
PSEI TECHNICAL CHART
Traders Are Betting Big On An Oil Price Rebound
Global oil storage space is running low, production is not falling quickly enough, and yet last week hedge funds bought a record amount of WTI contracts, Reuters’ John Kemp said Monday. At the equivalent of 122 million barrels, the amount of crude futures purchased last week was the highest since at least last December. According to Kemp, the reason for the increased buying is an expectation of an oil price rebound. The buyers must expect this rebound to take place soon, even though there are no indications to support such an attitude. On the contrary, the latest price moves suggest the opposite. On Monday, West Texas Intermediate dropped by 25 percent to less than $13 a barrel and continued falling on Tuesday in Asian trading, sinking below $11 a barrel. Read More
CRUDE OIL TECHNICAL CHART
GLOBAL INDICES ARE ALL CONSOLIDATING
- We are confident about Philippines Economy as the Duterte Administration are doing a great job
- Country debt is all good
- All big conglomerates are supporting in terms funding the current pandemic situation show that these companies are strong
- Based on Technical Chart – we are expecting the market to take another great move today.
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