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The second under President Ferdinand Marcos Jr.’s administration, the Philippine government launched its benchmark offering for a multi-year Republic of the Philippines (ROP) bond on Monday in US dollars.

According to information provided to journalists, proceeds from the 5.5-year, 10.5-year, and 25-year bonds—the latter of which is a component of the government’s sustainable financing framework—will be used to increase funding for various government programs and to refinance sustainability bonds that have already been issued.

The initial price prediction for the bond maturing in June 2028 is 155 basis points higher than the US Treasury bond of the same maturity, while pricing for the bond maturing in 2033 is 195 percent higher.

According to the paper, the 25-year bond’s initial price is roughly 5.950 percent.

BofA Securities, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, Standard Chartered Bank, and UBS are joint lead managers and joint book-runners.

After borrowing USD 2 billion in five-year, 10.5-year, and 25-year dollar-denominated bonds in October 2022, the present administration has now used the foreign capital market to fund its initiatives a second time. The 25-year bond is an environmental, social, and governance (ESG) bond.

The government has set aside PHP2.207 trillion for borrowing this year, of which PHP1.654 trillion will come from domestic sources and PHP553.5 billion from international sources. (

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