THE government on Monday announced the launch of a triple-tranche US dollar global bond offering to support this year’s spending needs.
“This transaction marks the Republic’s return to the international capital markets for 2026, building on a robust track record of successful issuances,” the Bureau of the Treasury said in a statement.
Recent overseas borrowings include a dual-currency issuance worth $2.25 billion and one billion euros in January 2025, a $2.5-billion triple-tranche sale in August 2024, and a $2-billion dual-tranche offering in May 2024.
The Treasury said the new offering will have maturities of 5.5 years, 10 years, and 25 years.
Initial pricing guidance was set at around 70 basis points over US Treasuries for the 5.5-year tranche, T+100 for the 10-year and in the 5.900-percent area for the 25-year bonds.
Final pricing was to be determined later on Tuesday during the New York trading session and settlement of the transaction was scheduled for Jan. 27, 2026.
S&P, Moody’s and Fitch issued ratings of BBB+, Baa2 and BBB, respectively, in line with the country’s credit grade.
National Treasurer Sharon Almanza said the decision to return to the global bond market was supported by favorable market conditions and the country’s stable economic fundamentals.
“Anchored on stable fundamentals and our recent credit affirmation, this transaction reflects our proactive and strategic approach to secure cost-efficient funding while advancing the national government’s development priorities,” she said.
“We value the continued confidence and support of our investors,” she added.
Finance Secretary Frederick Go, meanwhile, said: “This transaction underscores our steadfast dedication to sound fiscal policy and sustainable development.”
“We are confident that our policy direction and reform agenda will continue to resonate with the global investment community and support a successful outcome for this offering,” he added.
Proceeds from the bond sale will be used for general budget financing, the Treasury said.
BofA Securities, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered Bank and UBS are acting as joint lead managers and bookrunners for the transaction.
