Philippines raises $1.39-B of debt from ‘samurai’ bond sale

10-Aug-2018 Intellasia | Phil Star | 6:02 AM Print This Post

The Philippines on Wednesday marked its return to the “Samurai” debt market after an eight-year break and this time, it has sold $1.39 billion (JPY 154.2 billion) in yen-denominated bonds, the Department of Finance said.

It was also the first time in almost 20 years that the country has issued Samurai bonds on a stand-alone basis. The government previously planned to raise about $1 billion from the issue.

The Philippines on Wednesday marked its return to the “Samurai” debt market after an eight-year break and this time, it has sold $1.39 billion (JPY 154.2 billion) in yen-denominated bonds, the Department of Finance said.

It was also the first time in almost 20 years that the country has issued Samurai bonds on a stand-alone basis. The government previously planned to raise about $1 billion from the issue.

For her part, National Treasurer Rosalia de Leon said 2018 has been a “trailblazing year” for the Philippines in the international capital markets.

“The Republic has a track record of very tight pricing in US Dollar markets, and we will be uncompromising in measuring against that benchmark in approaching new markets,” De Leon said.

“Pricing on today’s offering is very compelling and we were able to print the maximum deal size we were seeking,” she added.

The Samurai bond sale follows the Philippines’ maiden “panda” bond offer, which raised 1.46 billion renminbi, or about $230 million. Proceeds from both issues will be used to fund infrastructure projects under the Duterte administration’s ambitious “Build, Build, Build” programme.

The Philippine government is also looking into issuing US-dollar denominated global bonds.

https://www.philstar.com/business/2018/08/08/1840775/philippines-raises-139-b-debt-samurai-bond-sale

 


Category: Philippines

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