HDMF, popularly known as the Pag-IBIG Fund, may forego a public sale of the bond “to simplify the process”, said Tan. A private placement usually involves no more than 20 financial institutions.

Pag-IBIG will use part of the proceeds to settle some of the state’s home mortgage financing agency debts. Tan said if Pag-IBIG decides later to use the facilities of the National Treasury to auction the bond, the authorities will help facilitate the process, he added.

RLC Chairman James Go said in a disclosure to the Philippine Stock Exchange that the company was very pleased with the overwhelming and positive reception by investors to RLC’s debut in the local bond market.

Go said the issue was more than four times oversubscribed, adding that the strong support from bond investors highlighted the impressive credit standing of RLC and showed the market’s confidence with the company.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) and SB Capital Investment Corporation were appointed as join issue managers.