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The Philippine government returned to the international capital markets for the first time in 2024, successfully placing $2 billion in dual-tranche 10-year and 25-year fixed-rate global bonds.
The transaction attracted robust demand and strong orderbook momentum carried across markets, with interest from a diverse pool of high-quality global accounts, showcasing investors’ confidence in the Philippine government’s credit profile and long- term outlook. “We secured funding from the market at very cheap rates, which allowed us to save on borrowing costs. The 10-year spread has been the tightest among all our similar issuances since 2022, while the 25-year sustainability tranche achieved the second-best rate in the government’s history.
The new 10-year tranche was priced at T+80 bps, reflecting a tightening of 40 bps from initial price guidance. The new 25-year Sustainability tranche was priced at 5.60 percent at par , 45 bps tighter than the initial price guidance.
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