The Philippines will issue this month benchmark US dollar-denominated bonds to raise funds for budget financing of the government.
A document obtained from a reliable source on Monday showed the bonds will have a tenor of five years that will mature on March 29, 2027; 10.5 years to mature on Sept. 29, 2032; and, 25 years that will mature on March 29, 2047.
The five- and 10.5-year bonds would be used for “general budget financing,” while the 25-year bonds would also be used for general budget financing “and to finance/refinance assets in line with the Republic’s sustainable finance framework.”
The government tapped the Bank of China, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, Mizuho Securities, Morgan Stanley, Standarc Chartered Bank and UBS as joint bookrunners and joint lead managers. The issuance is expected to be given investment grade ratings of Moody’s Investors Service (Baa2), S&P Global Ratings (BBB+), and Fitch Ratings (BBB).