Philippines to price three-part dollar-denominated bond offering, including sustainable notes

By Mary-Katherine Stinson

Lexington, Ky., Jan. 9 – Republic of the Philippines intends to price three tranches of dollar-denominated global bonds, according to a 424B3 filing with the Securities and Exchange Commission.

The bonds are non-callable.

Joint global coordinators, joint lead managers and joint bookrunners are BofA Securities, Inc., Deutsche Bank AG, London Branch, Goldman Sachs (Asia) LLC, Hongkong and Shanghai Banking Corp. Ltd., Morgan Stanley & Co. LLC, Standard Chartered Bank and UBS AG Hong Kong Branch.

Linklaters Singapore Pte. Ltd. and the Philippine secretary of the department of justice is working as counsel to the republic. Cleary Gottlieb Steen & Hamilton LLP and Romulo, Mabanta, Buenaventura, Sayoc & de los Angeles are counsel to the underwriters.

Bank of New York Mellon is the fiscal agent.

Proceeds from the offering are intended for general purposes, including budgetary support, with those from one of the tranches supporting eligible social expenditures and eligible green expenditures under its sustainable finance framework. This may include access to essential services, affordable basic infrastructure, food security, employment generation, socioeconomic advancement and empowerment, affordable housing, Covid-19 expenditure, clean transportation, climate change adaptation, environmentally sustainable management of living natural resources and land use, and renewable energy.

The republic plans to apply to list the SEC-registered bonds on the Luxembourg Stock Exchange for trading on the Euro MTF Market.

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