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Philippines issues first euro sustainability bond alongside US dollar offering

Business

Philippines issues first euro sustainability bond alongside US dollar offering

By Manila Bulletin

The Marcos administration is tapping into the global bond markets with a multi-tranche offering in both US dollars and euros, the Bureau of the Treasury announced on Thursday, Jan. 23.

The offering includes 10-year and 25-year bonds in US dollars and a seven-year bond in euros, marking the country's first-ever sustainability bond in Euros.

Proceeds will be used for general budget financing and to support the country’s sustainable finance framework.

National Treasurer Sharon P Almanza noted the favorable market conditions as a key driver for the offering, stating, “With a constructive market developing over the week, we see an opportune window for the Republic to re-enter the capital markets.”
“Our goal is to capitalize on the current market momentum to secure the most efficient cost dynamics ahead of potential uncertainties in the near future. We look forward to the continued support of our valued investors,” she added.

Finance Secretary Ralph Gonzalez Recto added, “The Marcos administration's commitment towards stronger investor dialogue is evident in our frequent investor engagements. We have constantly communicated our strategies to achieve robust socioeconomic development for the Republic, and hence, we are confident that our investors will remain receptive to the Philippine story.”

The US dollar 25-year and EUR seven-year bonds are issued under the Republic’s Sustainable Finance Framework, marking the country's seventh environmentally and socially responsible bond offering.

HSBC, Standard Chartered Bank, and UBS are serving as Joint Sustainability Structuring Banks.

Citigroup, Goldman Sachs, HSBC (B&D), J.P. Morgan, Morgan Stanley, Standard Chartered Bank, and UBS are acting as joint lead managers and bookrunners for the transaction.

Related Tags

government borrowings Bureau of the Treasury

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