NextGen Day

S&P Global Ratings has given the Philippines’ proposed benchmark senior unsecured bond issue denominated in US dollars a “BBB+” grade.

The projected issuance of government bonds has the same rating as the sovereign.

On Wednesday, the Philippines’ official statement stated that the bonds “represent direct, general, unconditional, unsecured, and unsubordinated liabilities of the Philippines, and rank equally with the sovereign’s other unsecured and unsubordinated debt obligations.”

The Marcos administration’s first bond offering is this one.

As previously stated by Finance Secretary Benjamin Diokno, local funding sources would continue to be used to support the funding of government initiatives.

Diokno stated that the local capital market continues to be the preferred option for the government’s fund-raising initiatives in a Viber message to journalists on Wednesday.

According to him, about 75% of this year’s PHP 2.2 trillion borrowing programs are slated for domestic funding sources, with the remaining 25% coming from external sources and through loans from official development assistance (ODA).

But occasionally, he continued, “one has been opportunistic.”

Following the sale of USD2.25 billion in multi-tranche global notes with maturities ranging from five years to 25 years in March, the government is now offering its second tranche of US dollar bonds this year.

The nation’s first environmental, social, and governance (ESG) bond is included in the issuance.

Additionally, in April of last year, the government issued multi-tranche ESG Samurai bonds in yen with terms of five, seven, ten, and twenty years, totaling JPY70.1 billion (around PHP28 billion).

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