MANILA, Jan. 22 (Xinhua) -- The Philippines successfully priced its first international bond issuance in 2020 with its total offering of 1.2 billion euro (roughly 1.33 million U.S. dollars) from euro-dominated bonds offered to foreign investors, the country's Bureau of Treasury said on Wednesday.
The Philippines offered 600 million euros of note with a three-year maturity, and another 600 million euros under a nine-year tenor, the bureau said.
"The Philippines successfully priced its first international bond issuance in 2020 with its total offering of 1.2 billion euros 3- and 9-year global bonds," Philippine National Treasurer Rosalia de Leon said in a statement.
She said the euro debt papers, which mark the Philippines' first offering in the global market this year, have been priced on Tuesday night.
"The bonds are expected to be rated Baa2 by Moody's, BBB+ by Standard & Poor's and BBB by Fitch," she said, adding that the notes are expected to settle on February 3 this year.
According to de Leon, this offering is a landmark transaction for the Philippines having priced its lowest coupon euro issuance as well as its first-ever zero-coupon euro issuance in the international capital markets.
Philippine Finance Secretary Carlos Dominguez welcomed the positive response from the market.
"The overwhelming response from the market for this landmark transaction underscores the international investor community's deepening confidence in the Philippine economy amid the reforms put in place by the Duterte administration to sustain the country's high and inclusive growth in the face of the current geopolitical headwinds," he said.
Last year, the Philippines returned to the euro debt market to end the country's 13-year absence.
