Philippines raises USD 2.5 billion from global bonds

MANILA — The Republic of the Philippines successfully priced a triple-tranche offering of USD 2.5 billion in SEC-registered fixed-rate global bonds, the Bureau of the Treasury said in a press release dated June 17, 2026.

The offering consists of 5.5-year bonds, 10-year bonds, and a tap of 2051 Global Bonds.

The tap of 2051 Global Bonds is a 25-year bond offering first issued in the Republic’s January 2026 global bond transaction.

The transaction marks the Philippines’ second entry into international capital markets in 2026.

It follows a triple-tranche issuance of USD 2.75 billion in January 2026, a dual-currency issuance of USD 2.25 billion and EUR 1 billion in January 2025, and a USD 2.5 billion triple-tranche offering in August 2024.

At the Asia market open on June 16, 2026, the Republic announced initial price guidance for the 5.5-year, 10-year, and tap of 2051 bonds at T+85 basis points area, T+125 basis points area, and 6.100% area, respectively.

The offering drew significant international investor interest during the day.

From an initial offering size of USD 2.0 billion, the orderbook reached a 4.4-times oversubscription rate, allowing the Republic to upsize the deal to USD 2.5 billion.

The Bureau of the Treasury said the transaction reflected robust demand from high-quality investor accounts.

The Republic priced the USD 550 million 5.5-year bond at a reoffer yield of 4.699%, or T+55 basis points.

It priced the USD 1.65 billion 10-year bond at a reoffer yield of 5.355%, or T+92.5 basis points.

It also priced the USD 300 million tap of 2051 Global Bonds at 5.850%.

The final pricing represented a tightening of 25–32.5 basis points across all tranches from initial price guidance.

The Bureau of the Treasury said all three tranches were priced with minimal to negative new issue premiums.

The transaction completed the Republic’s external commercial borrowing program for 2026.

The agency said the outcome demonstrated the Philippines’ ability to capture favorable market windows, supported by the strength of Philippine credit, global market access, and investor confidence in the country’s economic outlook and development.

Finance Secretary Frederick D. Go said: “The second international bond offering of the Republic for 2026 continues to be met with a positive reception from global investors. The strong demand signifies strong confidence in the Philippines’ economic resilience and foundational stability, even amidst prevailing challenging market conditions and short-lived execution windows. This outcome reinforces the Republic’s progress toward economic growth, its adherence to sound fiscal policies, and its commitment to fostering sustainable and inclusive economic development.”

National Treasurer Sharon P. Almanza said: “Recent favorable market conditions presented an opportunity for the Republic to re-enter the international capital markets. Our aim is to harness this market momentum in order to secure the most efficient cost dynamics in anticipation of potential future market uncertainties. We continue to value the outstanding global support of the bond investor community through our journey.”

The global bonds are expected to be rated Baa2 by Moody’s, BBB+ by Standard & Poor’s, and BBB by Fitch.

The transaction is scheduled to settle on June 24, 2026.

The Republic intends to use proceeds from the sale for general budget financing.

BNP Paribas, Citigroup, HSBC (B&D), J.P. Morgan, MUFG, and Standard Chartered Bank are acting as joint lead managers and bookrunners.

The Treasury noted that a securities rating is not a recommendation to buy, sell, or hold securities and may be revised or withdrawn at any time.