The Philippine government is issuing benchmark-sized dollar and euro bonds for the first time this year to raise funds ahead of potential economic uncertainties. The issuance includes a 10-year tranche and a 25-year sustainability bond with an initial price guidance above comparable US Treasuries. This marks the Philippines' return to the euro bond market since 2021 and its seventh G3 ESG bond offering.
THE Philippine government is tapping the global debt market for the first time this year, offering benchmark-sized dollar and euro bonds to raise fresh funds ahead of “potential uncertainties” in the near future.
“The bonds represent direct, general, unconditional, unsecured, and unsubordinated obligations of the Philippines . They rank equally with the sovereign’s other unsecured and unsubordinated debt obligations,” S&P Global Ratings said. National Treasurer Sharon P. Almanza said the Philippines sees an opportune time window to re-enter the capital markets following a constructive market development over the week.
The proceeds from the 10-year dollar bonds will be used for general budget financing while proceeds from 25-year dollar and 7-year euro bonds will also be used for general budget financing and to finance/refinance assets in line with the Republic’s Sustainable Finance Framework. This year, the government will borrow $3.5 billion through foreign bond sales, mostly composed of US dollars while the remaining will be in euros.
PHILIPPINES DEBT MARKET BONDS GLOBAL FINANCE SUSTAINABILITY
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