MANILA – The Philippine government’s planned benchmark euro-denominated senior unsecured notes have been assigned a ‘BBB+’ rating by S&P Global Ratings.
The rating is the same as S&P’s rating for the Philippine economy, which, in turn, has a stable outlook.
“The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of the sovereign, and rank equally with the sovereign's other unsecured and unsubordinated debt obligations,” the credit rater said.
Information from the US Securities and Exchange Commission (SEC) showed that the planned debt offering involves “four-year and/or 12-year and/or 20-year euro-denominated US SEC-registered senior unsecured benchmark bond.”
The debt paper may be offered “subject to market conditions” after a series of investor meetings in Asia, Europe, and the US starting April 19, 2021, it said.
It also said that the Philippine government has appointed BNP PARIBAS, Credit Suisse, Goldman Sachs, J.P. Morgan, Nomura, and Standard Chartered Bank as lead managers and joint bookrunners for the proposed offering.
The planned offering follows the Philippine government’s USD2.75 billion (about PHP132 billion) 10-year and 25-year US dollar-denominated bond issuance last December. (PNA)
