Philippines plans retail dollar bond sale to raise at least $200 million
The Philippine government is preparing its third onshore retail dollar bond offering as it seeks to tap domestic investors for at least $200 million. The sale adds to this year's funding efforts after Manila completed its 2026 external commercial borrowing program through two triple-tranche U.S. dollar bond issues worth a combined $5.3 billion.
Highlights
- Philippines plans to raise at least $200 million via its third retail dollar bond offer, with the auction set for Nov. 19 and issuance on Nov. 27.
- The bonds require a minimum $200 investment, available in $100 increments, and will be distributed through government dealers and digital platforms like GCash and PDAX.
- Previous retail dollar bond deals in 2021 and 2023 raised $1.59 billion and $1.26 billion, respectively, with yields of 1.375% to 5.75%.
Offer terms and distribution channels
According to BusinessWorld, the Bureau of the Treasury said in a notice of offering on Friday that the rate-setting auction for Retail Dollar Bond 3 is scheduled for Nov. 19, while the public offer period runs until Nov. 24 unless ended earlier. Issuance is set for Nov. 27, and the bonds carry a minimum investment of $200, with additional placements in increments of $100.This is the country's third retail dollar bond offer onshore. The government previously raised $1.59 billion from five-year and 10-year notes in September 2021, priced at 1.375% and 2.25%, respectively, and another $1.26 billion from 5.5-year securities in October 2023 at 5.75%.
The notes will be sold through government securities eligible dealers and digital channels, including the Treasury's online ordering facility, the mobile applications of Overseas Filipino Bank and Land Bank of the Philippines, GCash's GBonds platform, and the Philippine Digital Asset Exchange, or PDAX.
This adds to earlier discussion around the JQQQ blockchain fund providing digital access to the Nasdaq-100 amid selling pressure.
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