The Philippine government has staged a strong return to the global bond markets, successfully pricing a multi-tranche U.S. dollar offering worth USD2.75 billion—its largest dollar deal in more than three years.
The SEC-registered fixed-rate Global Bonds comprise 5.5-year, 10-year and 25-year maturities, underscoring the Republic’s ability to access long-dated funding despite volatile global conditions.
The transaction marks the Philippines’ first international bond issuance of 2026, following USD2.25 billion and EUR1 billion raised in January 2025 and a USD2.5 billion triple-tranche deal in August 2024.
Initial price guidance announced on 20 January 2026 set the tone at T+70 basis points for the 5.5-year, T+100 basis points for the 10-year, and around 5.900% for the 25-year tranche.
Robust demand from high-quality global investors allowed the Republic to tighten pricing across all tranches. The 5.5-year and 10-year bonds were priced at T+50bps and T+80bps, respectively—20bps inside initial guidance—while the 25-year bond was priced at 5.750%, 15bps tighter than expected.
All tranches cleared the market with minimal to no new issue premium.
The bonds are expected to be rated Baa2 by Moody’s, BBB+ by S&P, and BBB by Fitch, with settlement slated for 27 January 2026. Proceeds will be used for general purposes, including budgetary support.
Finance Secretary Frederick D. Go said the strong reception highlights investor trust in the Philippines’ economic fundamentals and fiscal discipline. National Treasurer Sharon P. Almanza added that the tight pricing reinforces the country’s position as a benchmark emerging-market credit.
BofA Securities, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, and UBS served as joint lead managers and bookrunners.
