The National Development Company (NDC) sold P3.5 billion worth of five-year Agri-Agra bonds for the National Irrigation Administration (NIA) Wednesday.
The debt instrument fetched a coupon rate of 5.125 percent while bids were more than two-fold the P3.5-billion offering after it reached P7.35 billion.
NDC general manager Ma. Lourdez Rebueno told reporters after the auction that the latest issuance was the fourth tranche of their P50-billion authority.
The first trance was worth P5 billion issued in 1999, followed by the P2-billion both in 2002 and 2006.
Rebueno said there is no plan yet regarding their next issuance.
“We are still evaluating the next issuance,” she added.
Proceeds of the latest NDC bond will be used to fund projects of the NIA, particularly the repair and rehabilitation of irrigation systems serving about 33,000 hectares of rice lands nationwide.
The latest NIA loan is in addition to the P2 billion it took from NDC in 2006, used to restore about 32,103 hectares and rehabilitate 23,688 hectares of irrigation systems. [PNA]
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