The Philippines raised $2.75 billion in its first international debt market foray of 2026, marking its largest US dollar-denominated deal in more than three years, the Bureau of the Treasury said.
The government priced the triple-tranche offering across 5.5-year, 10-year and 25-year fixed-rate global bonds. The transaction marks a return to global markets following a series of successful issuances in 2024 and 2025, including a $2.25-billion and 1-billion-euro sale in January 2025.
The 5.5-year and 10-year tranches were priced at 50 basis points and 80 basis points over US Treasuries respectively, which was 20 basis points tighter than initial guidance. The 25-year bond was priced at 5.750 percent, representing a 15-basis-point tightening from the initial 5.900 percent area.
The Bureau of the Treasury said the bonds were priced with minimal to no new issue premiums despite a volatile global macroeconomic environment. Proceeds from the sale will be used for general purposes including budgetary support.
Department of Finance Secretary Frederick Go said the reception for the issuance demonstrates the trust global investors place in the Philippines and affirms the durability of the nation’s economic foundation.
“The exceptional reception for our first international bond issuance of 2026 demonstrates the trust global investors place in the Philippines. Their response affirms the durability of our economic foundation despite challenging market conditions. We are encouraged by the acknowledgment of our solid recovery path, sound fiscal discipline and our focused efforts to advance sustainable and broad-based economic progress,” said Go.
National Treasurer Sharon Almanza said the transaction achieved tight pricing despite geopolitical uncertainties, signaling robust investor confidence in the long-term development trajectory of the country.
The global bonds are expected to settle on Jan. 27, 2026. The offering is expected to be rated Baa2 by Moody’s, BBB+ by Standard & Poor’s and BBB by Fitch.
BofA Securities, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank and UBS acted as joint lead managers and bookrunners for the deal.
The Philippine government continues to manage its debt portfolio while maintaining fiscal discipline.
