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Philippines eyes another Samurai bond in 2022

Finance Secretary Carlos Dominguez III has disclosed that the Philippine government is considering another Samurai bond issuance in the first half of 2022. Samurai bond is a yen-denominated debt paper issued in Tokyo by non-Japanese entities. The last time the government tapped the Samurai bond market was in March 2021 when it offered JPY55bn worth of a three-year senior unsecured zero-coupon fixed rate Samurai bond. In 2021, the Philippine government was active in the debt market to boost its financing capacity given the added requirements brought about by the pandemic. Among its issuance last year included a PHP150-billion (USD3bn) dual-tranche US dollar-denominated bond, a EUR 2.1bn multi-tranche global bond, and a JPY55bn Samurai bond. Dominguez said the government continues to largely rely on domestic creditors for financing.

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