The Philippine government is issuing three kinds of US‑dollar bonds (5.5‑year, 10‑year, and 25‑year) to foreign and international investors, the Bureau of Treasury announced Tuesday (January 20, 2026).
“This transaction marks the [government’s] return to the international capital markets for 2026, building on a robust track record of successful issuances, following a dual-currency issuance of US$2.25 billion and EUR 1 billion in January 2025, a US$2.5 billion triple-tranche offering in August 2024, and a US$2 billion dual-tranche offering in May 2024,” according to the press release making the announcement.
These bonds pay a fixed interest rate, and the initial target yields are: “T+70 bps” for 5.5‑year, “T+100 bps” for 10-year (meaning 0.70% and 1.00% above relevant US Treasury yields), and about 5.9% for the 25-year bond.
Credit rating agencies are expected to rate these bonds around investment‑grade level (Baa2, BBB+, BBB), and the deal is scheduled to settle on 27 January 2026.
“The Global Bonds are expected to be rated Baa2 by Moody’s, BBB+ by Standard & Poor’s, and BBB by Fitch,” according to the press release.
Philippine government officials said this shows continued access to global capital markets, supports its economic and development agenda, and that proceeds will be used for general budget financing (not a specific project only).
“The Marcos administration remains firmly committed to promoting strong and inclusive socioeconomic growth. 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,” said Finance Secretary Frederick D. Go.
For her part, National Treasurer Sharon P. Almanza said, “We have seen favorable market conditions for the [Philippine government] to return to the international capital markets today. 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. We value the continued confidence and support of our investors.”
Big international banks (BofA, Deutsche Bank, HSBC, J.P. Morgan, Morgan Stanley, Standard Chartered, UBS) are acting as lead managers and bookrunners — essentially arranging and selling the bonds to investors.
The offering will be made in compliance with applicable securities laws, and the Bureau of Treasury said it does not constitute an offer to sell securities in the United States.