Water Companies Prequalified

Yesterday, at least five consortiums applied to prequalify to bid for the Php24.4 billion Bulacan Bulk Water supply project rolled out by the Metropolitan Waterworks and Sewerage System (MWSS), under the government’s Public-Private Partnership (PPP) program.

The consortiums identified were First Philippine Holdings and Abeima; Filinvest Development Corp. and Aqua; San Miguel Corp. and Korea Water Resources; Manila Water and Team Polaris; and Prime Water Infrastructure Corp. and Alloy Water.

Local bond prices rallied today as the Bureau of Treasury successfully auctioned PHP25 billion worth of 3-Year Fixed Rate Treasury Notes (FXTN) maturing in 2017. A Money Back Guarantee feature is also being discussed.

The issue was oversubscribed by 2.14 times with expectations of no BSP rate hike on account of moderating inflation stoking demand for this paper. Yields fell by 2.21 basis points, on average, across the length of the curve with the belly and long-end losing 4.2 and 2.9 basis points, respectively. Yields on the short end, meanwhile, gained 0.80 basis points.

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