THE Philippine government borrowed $2.25 billion from the offshore debt market through its latest offering of triple-tranche dollar-denominated global bonds, including its maiden green bonds.
The transaction, which is expected to settle on March 29 this year, also marks the first triple-tranche dollar-denominated global bond offering for the Philippine government. It also comes after a few weeks of volatility in the global equity and credit markets. Further, the new 25-year Global Bonds were priced at 4.200 percent, tighter by 50 bps than the initial price guidance of 4.700 percent area.
National Treasurer Rosalia V. De Leon also said this deal is also the first and biggest offshore sovereign offering in the region for this year. “The upsized issuance backed by a significantly oversized orderbook provides an overwhelming affirmation to the Administration’s continued prudent fiscal and economic management amidst the pandemic,” said Joven, who heads the department’s Internal Finance Group.