The government sold so-called samurai bonds worth the equivalent of $1.39 billion on Wednesday, its third foreign currency bond transaction under President Duterte.

Proceeds from the yen-denominated bonds will help the government underwrite an ambitious infrastructure buildup program designed to sustain the country’s growth not just for now but for the long haul.

According to Finance Secretary Carlos Dominguez III, the yen-denominated IOU posted some of the tightest bond spreads in the market at the momnent while delivering the most for the requirements of the economy.

In a statement by the Bureau of Treasury, the government’s three-year samurai bond posted a spread of just 25 basis points over the yen swap spread. Its five-year samurai managed to get a spread of just 35 basis points while the 10-year bond obtained a spread of just 60 basis points.

This means all three denominations should not cost as much for taxpayers to service over their lifespan and therefore a credit for the government to have managed to attract funding from the samurai market without paying an arm and a leg for the IOU.

Even better, the sovereign credit watcher Moody’s Investor Service affirmed the country’s continued investment-grade stature when it rated the samurai bond issuance a Baa2 with a stable outlook.

“The Philippines’ Baa2 government rating is characterized by strong economic performance, a strengthening fiscal position and limited vulnerability to external shocks. These are balanced against per capita income and debt affordability, both of which, although improving, are structurally weaker as compared to similarly rated peers,” it said in a statement issued also on Wednesday.

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