State-run Development Bank of the Philippines raised P3.875 billion in fresh funds from its latest local bond issuance to fund various developmental projects and initiatives for key priority sectors, its top executive said Thursday.
DBP president and chief executive Michael de Jesus said the bank’s 1.5-year fixed rate series 4 bond issuance reached more than 3.6 times the announced minimum issue size of P2 billion, which culminates its four-year P55 billion sustainable bond program.
“Notwithstanding the volatile market backdrop, we are buoyed by the strong support from institutional investors, which allowed us to price at our tightest ever spread of 10 basis points over the relevant benchmark,” de Jesus said.
He said the overwhelming reception of DBP’s issuance resulted in closing the offering period earlier than expected.
DBP earlier issued two bond offerings—an offshore bond that raised $300 million in 2021 which was rated “BBB” by Fitch Ratings and an onshore bond offering in 2022 that fetched P12 billion via private placement.