The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investing for Beginners: Following your PATH
  • On government debt thresholds: How much is too much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
Downloads
Buildings in the Makati Central Business District
Economic Updates
Monthly Recap: BSP to outpace the Fed in rate cuts 
May 29, 2025 DOWNLOAD
economy-ss-9
Economic Updates
Quarterly Economic Growth Release: 5.4% Q12025
May 8, 2025 DOWNLOAD
investment-ss-3
Economic Updates
Policy rate views: Uncertainty stalls cuts
May 8, 2025 DOWNLOAD
View all Reports
BusinessWorld 3 MIN READ

PH raises USD2B from dollar bond sale

May 9, 2024By BusinessWorld
Related Articles
Philippine banks’ exposure to real estate sector rises March 6, 2025 Outstanding debt hits P14.1 trillion July 5, 2023 FDI net inflows soar to 6-month high in October January 11, 2023

The Philippines raised USD 2 billion (PHP 114.7 billion) from its first global bond sale this year, the Bureau of the Treasury (BTr) said on Wednesday.

The issuance of the dual-tranche 10- and 25-year fixed-rate global bonds had a “strong reception and record tight pricing levels,” National Treasurer Sharon P. Almanza said in a statement.

The 10-year notes were priced at 80 basis points (bps) above US Treasuries, tighter than the initial pricing of US Treasuries plus 120 bps.

The 25-year sustainability bonds were priced at 5.6% at par, which is also tighter than the initial price guidance of 6.05%.

Finance Secretary Ralph G. Recto said the government secured the funding at “very cheap” rates.

“The 10-year spread has been the tightest among all our similar issuances since 2022, while the 25-year sustainability tranche achieved the second-best rate in the government’s history,” he said in a statement.

“The tight pricing, especially compared with higher-rated peers, serves as an indication of the country’s exceptional performance beyond its current credit rating and makes a good case for a rating upgrade,” he added.

The dollar bonds are shelf-registered with the US Securities and Exchange Commission and will be settled on May 14.

Proceeds from the issuance will be used for general budget financing, the Treasury said. Funds raised from the 25-year debt will also be used for “refinancing programs and expenditures in line with the republic’s sustainable finance framework.”

Bank of America, Citigroup, HSBC, JPMorgan, Morgan Stanley, Standard Chartered and UBS were tapped as the joint bookrunners.

On Tuesday, Fitch Ratings, Moody’s Ratings and S&P Global Ratings rated the proposed bond offer at “BBB,” “Baa2” and “BBB+,” respectively, matching their ratings for the Philippines’ sovereign debt.

The BTr said the transaction attracted interest from a “diverse pool of high-quality global accounts.”

“Despite elevated volatility in the US Treasury rate markets in recent weeks, the republic took advantage of improving market sentiment following a softer-than-expected US labor market print which alleviated concerns over the Fed rate path.”

The bond sale showed “strong demand at much lower borrowing costs versus initial guidance,” Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp., said in a Viber message.

“In line with the earlier guidance, it is actually on the high side which is a good signal in terms of large market demand and takeup,” he added.

Last year, the Philippine government raised USD 3 billion from its three-tranche dollar bond sale in January, USD 1.26 billion from its retail dollar bond issue in October and USD 1 billion from its maiden issuance of Sukuk bonds in December.

The government’s borrowing program is set at PHP 2.57 trillion this year, a quarter of which will come from foreign sources.

The government borrows from external and local sources to fund a budget deficit capped at 5.6% of the gross domestic product. — By Luisa Maria Jacinta C. Jocson, Reporter

This article originally appeared on bworldonline.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2025 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up