MANILA - The Philippines on Friday sold $2 billion in 10-year bonds, reflecting the international market's "strong support" for President Rodrigo Duterte's government, the head of his economic team said.
The bonds were priced at 3 percent, compared to the initial guidance of 3.3 percent. It was the second global bond issue under Duterte, who is raising funds for an ambitious P8-trillion infrastructure overhaul.
Philippine sovereign debt is rated investment grade by all 3 major ratings agencies, Standard and Poor's, Moodys Investor Service and Fitch Ratings.
"The strong support that this 10-year global bond float has received in the international capital markets is a testament to the deepening investor confidence in the country's newfound status under the Duterte presidency as one of the world's fastest-growing economies," Finance Sec. Carlos Dominguez said.
Dominguez said the dollar debt sale was "just the start of the series" of foreign currency-denominated tenders this year, as the government sought funds for infrastructure and social services.
Last November, Manila signed an agreement with Bank of China for a planned 1.4 billion yuan (P10.7 billion) panda bond issue, which was originally planned for the 4th quarter of 2017.