Republic of the Philippines Announces Launch of 5.5-Year, 10.5-Year, and 25-Year Sustainable US Dollar Global Bonds

The Republic of the Philippines started offering its second external issuance of 2024 through a triple-tranche 5.5-year, 10.5-year, and 25-year Securities and Exchange Commission-registered Fixed Rate US Dollar Global Bonds. 

The Republic of the Philippines will partially allocate the 25-year Global Bond sale proceeds to assets under the Republic’s Sustainable Finance Framework – its sixth G3 ESG bond offering. This transaction follows the Republic’s USD 2 billion dual-tranche bond offering in May 2024, USD 1 billion 5.5-year Sukuk in November 2023, USD 3 billion triple tranche bond offering in January 2023.

The Global Investor Call was held earlier today, 10:00 am (GMT+8) and was attended by representatives from the Bureau of the Treasury (BTr), the Banko Sentral ng Pilipinas (BSP), Department of Budget and Management (DBM), and the Department of Finance (DOF). Access to the playback of this session is available at this link.
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(Viewers will need to register in order to view the replay. The playback of the Global Investor Call will only be available until 29 August 2024, 23:59 GMT+8 )

The Republic’s Finance Secretary Ralph G. Recto stated, “Our recent credit rating upgrade and affirmation are powerful endorsements of our robust macroeconomic fundamentals and sound policy environment. And they came at a very opportune time for this issuance. These strengthen our standing as one of the most attractive and financially secure emerging markets. We are, therefore, confident that this global offering will be met with strong and enthusiastic reception.” 

The 5.5-year, 10.5-year, and 25-year Global Bond sale proceeds are intended to support general budget financing requirements. BNP Paribas, Citigroup, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank, and UBS are acting as Joint Bookrunners for the transaction. Leading the Joint Sustainability Structuring Banks are HSBC, Standard Chartered Bank, and UBS.