Republic of the Philippines Announces Launch of 5.5-Year, 10-Year, and Tap of 2051 US Dollar Global Bonds

The Republic of the Philippines (the "Republic") announced the launch of a triple-tranche offering of US Dollar-denominated SEC-registered Fixed Rate Securities (the “Global Bonds”) consisting of 5.5-, 10-, and 25-year tranches. The 25-year offering will be a tap of the existing 5.750% 2051 USD Bonds issued in January 2026.

This transaction marks the Republic’s second foray into the international capital markets for 2026, building on a robust track record of successful issuances, following 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.

Initial Pricing Guidance was announced at +85 basis points over US Treasuries for the 5.5-year tranche, T+125 basis points for the 10-year tranche, and 6.100% for the tap of the 2051s. The transaction will be priced later today during the New York trading session.

The Republic’s Finance Secretary Frederick D. Go remarked, “The National Government remains committed to fostering strong and inclusive socioeconomic growth. This transaction highlights our continued pursuit of prudent fiscal management and our broader development agenda. Against the backdrop of encouraging developments in global markets, we are confident that our policy direction will continue to be well received by the international investment community.”

National Treasurer Sharon P. Almanza stated, “The Republic’s return to the international capital markets comes at an opportune time, amid improving market sentiment and favorable global developments. This transaction reflects our prudent and proactive approach to financing, allowing us to secure funding efficiently while supporting the National Government’s priority programs and development objectives.”

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 24 June 2026.

The Republic intends to use the proceeds from the sale of the Global Bonds 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 for the transaction.

*A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.