MANILA – S&P Global Ratings has assigned ‘BBB+’ ratings on the Philippines’ proposed benchmark-size dollar-denominated long-term foreign currency senior unsecured notes, similar to that of the economy’s investment-grade rating.
This after the sovereign launched Wednesday morning the offering of benchmark-sized 10.5-year and 25-year dollar bonds.
In the past, benchmark-size debt issuance amounted to USD500 million.
This is the second Republic of the Philippines (ROP) bond offering for this year.
Last April, the government sold USD2.35 billion (PHP118.7 billion) worth of 10- and 25-year dollar-denominated bonds amidst worries about the pandemic.
It sold in January EUR1.2 billion (PHP67.3 billion) worth of Euro-denominated bonds.
Proceeds of both are intended for regular budgetary support as well as to finance programs targeted to address the impact of the coronavirus disease 2019 (Covid-19).
The government intends to borrow around PHP3 trillion from the commercial market each for 2020 and 2021 to help finance economic recovery programs. (PNA)
