PH Samurai Bond offer rated BBB+

MANILA -- S&P Global Ratings on Friday gave the Philippines’ latest 92 billion yen (USD 855.6 million) multi-year Samurai bond offer a ‘BBB+’ rating, which is the same grade conferred on the sovereign.

“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,” S&P said.

It was referring to the four-tenor issuance of the Philippines, which was initially planned to be about USD750 million only.

Specifically, the Philippine government is offering 30.4 billion yen worth of three-year bond, 21 billion yen worth of fiveyear bond, 17.9 billion yen worth of seven-year bond, and 22.7 billion yen worth of 10-yen bond.

Coupon rate is 0.18 percent, 0.28 percent, 0.43 percent, and 0.59 percent for the shortest to longest tenor, respectively.

Payment is scheduled on August 15, 2019.

National Treasurer Rosalia de Leon said they upsized the offer volume due to strong demand.

“We initially planned to issue 750 million dollars but to show appreciation to strong support at tighter pricing we increased to 855 million dollar in yen equivalent,” she added.

The offer follows the Philippines’ USD74.4-billion multi-year Samurai

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