{"id":6279,"date":"2024-12-18T18:46:23","date_gmt":"2024-12-18T17:46:23","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=6279"},"modified":"2024-12-18T18:46:23","modified_gmt":"2024-12-18T17:46:23","slug":"ng-explores-euro-and-dollar-bond-opportunities","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2024\/12\/18\/ng-explores-euro-and-dollar-bond-opportunities\/","title":{"rendered":"“NG Explores Euro and Dollar Bond Opportunities”"},"content":{"rendered":"\n

THE GOVERNMENT is planning to launch US dollar- or euro-denominated bonds in the initial half of 2025, as stated by the Finance leader.\u00a0 \u00a0<\/span><\/p>\n

\u201c[We\u2019ve authorized] a possible dual bond \u2014 US dollar and\/or euro,\u201d Finance Secretary Ralph G. Recto informed journalists on Tuesday.<\/p>\n

He mentioned that the administration aims to gather at least P300 billion from the issuance, which is the standard magnitude for foreign issuances.<\/span><\/p>\n

The Philippines\u2019 most recent dollar bond issuance occurred in August this year, where it secured $2.5 billion through the release of triple-tranche, US dollar-denominated global bonds.<\/span><\/p>\n

In September, National Treasurer Sharon P. Almanza announced that the National Government (NG) will not proceed with a planned euro bond issuance for this year.<\/span><\/p>\n

The National Government last put out euro bonds in April 2021, raising \u20ac2.1 billion (P122.4 billion) during the coronavirus pandemic.<\/span><\/p>\n

The administration still has $500 million to secure from the international debt market this year, in line with its $5-billion external borrowing strategy.<\/p>\n

Mr. Recto mentioned on Tuesday that the government intends to issue Sukuk and Samurai bonds next year.<\/p>\n

\u201cI believe it\u2019s an ideal moment since the yen is losing value, thus benefiting us. If we borrow from them, their currency is depreciating, you know. However, more significantly, I think you want to capture the attention of investors from Japan,\u201d he stated.<\/p>\n

The Philippines last issued Samurai bonds in April 2022, securing \u00a570.1 billion.<\/p>\n

Mr. Recto indicated that there is also interest from investors in the Middle East.<\/p>\n

\u201cBecause there\u2019s demand from the Middle East. You want more individuals purchasing our bonds, our notes, and so on. If they’re willing to fund government activities, why not?\u201d he added.<\/span><\/p>\n

The government first introduced Islamic debt in December 2023, raising $1 billion from the issuance of 5.5-year dollar-denominated Sukuk bonds.<\/p>\n

The administration has established its borrowing agenda at P2.55 trillion for 2025, with P507.41 billion anticipated to come from gross external borrowings.<\/p>\n

The government could benefit from accessing the foreign debt market next year as the US Federal Reserve\u2019s further loosening is likely to lower borrowing expenses, noted Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort through a Viber message.<\/p>\n

Nonetheless, the advantages might be counterbalanced by a strengthening dollar and rising US Treasury yields, Philippine Institute for Development Studies Senior Research Fellow John Paolo R. Rivera remarked in a Viber message.<\/p>\n

\u201cTiming is crucial for the issuance as the dollar and the 10-year US Treasury yields continue to ascend. A Trump presidency typically supports the dollar and 10-year yields,\u201d Reyes Tacandong & Co. Senior Adviser Jonathan L. Ravelas also stated in a Viber message.<\/p>\n

Mr. Rivera added that interest in bond issuances from the Philippines could be tempered due to increased global economic uncertainty stemming from Mr. Trump\u2019s proposed trade tactics and possible tariffs on imports. \u2014 Aaron Michael C. Sy<\/b><\/span><\/p>\n


\n
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THE GOVERNMENT is planning to launch US dollar- or euro-denominated bonds in the initial half of 2025, as stated by the Finance leader.\u00a0 \u00a0 \u201c[We\u2019ve authorized] a possible dual bond \u2014 US dollar and\/or euro,\u201d Finance Secretary Ralph G. Recto informed journalists on Tuesday. 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