Manila North Tollways Corporation Looking To Issue Bonds

Manila North Tollways Corp. (MNTC), a subsidiary of Metro Pacific Tollways Corp., is looking to issue corporate bonds amounting to roughly Php7 billion by the end of the first quarter, according to MNTC President Chief Executive Officer Rodrigo E. Franco.

He pointed out that the amount will be used to help bankroll the company’s Php11.9 billion two-segment Harbor Link project. Mr. Franco added that they have already raised money from bilateral loans and are expecting Php2 billion from those bilateral facilities.

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Prices of local government securities fell today as investors remained cautious ahead of the release of the inflation figure tomorrow, and US non-farm payrolls report on Friday. Yields climbed by an average of 2.03 basis points led by the belly of the curve, which advanced by 2.56 basis points. Likewise, the short- and long-ends of the curve increased by 1.63 and 1.66 basis points, respectively.

The Philippine peso weakened against the US dollar today still on the back of improving US economic data, which signals that QE tapering may be happening sooner than anticipated. Moreover, investors are seen to focus on the release of US non-farm payrolls data on Friday. The USD/PHP pair lost 14.6 centavos to close at 43.870.

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