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Manila Bulletin devider Business devider Banking & Finance devider DOF: Sumitomo backs Philippines' samurai bond plan

DOF: Sumitomo backs Philippines' samurai bond plan

Published Jun 24, 2024 12:21 am

The Department of Finance (DOF) said that Sumitomo Mitsui Banking Corp. (SMBC) may collaborate with the Marcos administration on its borrowing activities.

In a recent Facebook post, the DOF disclosed that Finance Secretary Ralph G. Recto met with SMBC and SMBC Nikko senior executives to explore potential investment opportunities and partnerships in the country's fundraising initiatives.

In particular, the DOF said that SMBC has shown keen interest in supporting the Philippines' future issuances of Samurai and US dollar bonds.

SMBC has a track record of supporting the Philippines in international financing, including previous Samurai bond issuances.

“They [SMBC] highlighted that the Philippines has performed very well in the region due to the great leadership of the Marcos, Jr. administration,” the DOF said.

Apart from SMBC, the DOF said Nomura expressed its strong interest in supporting the government’s future issuances of Samurai bonds.

Nomura is a global financial services group that provides solutions in retail, wholesale, and asset management.

Recto also urged Nomura to take part in the government's Build Better More program, which includes major infrastructure projects available for public-private partnerships (PPP).

The DOF said Nomura has shown a strong interest in supporting the country's infrastructure projects, renewable energy market, and sustainability programs.

At the recent Philippine Economic Briefing in Tokyo, Recto said that the government is considering the possibility of issuing yen-denominated samurai bonds.

He said the government still needs to diversify funding sources despite the country's current focus on domestic financing.

The Philippines last accessed the Japanese debt markets in April 2022, where it raised 70.1 billion Japanese yen (approximately P28.55 billion) through a four-tranche issuance.

These bonds had tenors of five, seven, 10, and 20 years, with coupon rates ranging from 0.76 percent to 1.83 percent.

Related Tags

Department of Finance (DOF) government borrowings ralph recto Finance Secretary
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