The National Home Mortgage Finance Corporation (NHMFC) successfully concluded its 7th securitization offering called NHMFC Bonds 2024 worth ₱1.3 billion, with a very strong credit rating from the Philippine Rating Services Corporation (PhilRatings).
PhilRatings has assigned a Final Issue Credit Rating of PRS Aa minus to the Php1.0 billion Class A Senior Notes with a coupon rate of 4.9654% and PRS Baa to the Php300.3 million Class B Subordinated Notes. The Outlook for both ratings is stable.
Obligations rated PRS Aa are of high quality and are subject to very low credit risk while obligations rated PRS Baa exhibit adequate protection parameters. On the other hand, a Stable Outlook indicates that the rating is likely to be maintained or to remain unchanged in the next twelve months.
The NHMFC Bonds 2024 is a landmark achievement as this is the corporation’s second-largest bond issuance so far. Backed by 1,658 long-term, low-delinquency residential loans, this bond underscores NHMFC’s continuing efforts to boost the country’s housing sector.
In his message during the signing ceremony held on Monday (September 15, 2025), NHMFC President Renato L. Tobias stressed that the corporation’s bond issuances help turn into reality the Filipino families’ aspirations for secure and sustainable homes. “More than a financial instrument, the NHMFC Bonds symbolize our collective commitment to making homeownership more accessible and affordable for many Filipinos across the nation,” President Tobias said.
In addition, NHMFC Acting Executive Vice President Maria Luisa M. Favila emphasized that while securitization has yet to gain full acceptance in the capital market, the international market has begun to take notice of NHMFC with the help of improved sovereign rating outlook.
“The corporation will continue to strive to have a new pool of investors and pool of assets and issue different financial instruments to help in the funding requirements for housing,” EVP Luisa stressed.
NHMFC’s key partners for this transaction were Development Bank of the Philippines as the special purpose trust administrator, Landbank of the Philippines as the arranger and underwriter, MOSVELDTT Law Offices as the transaction counsel and tax advisor, Philippine National Bank as the trustee, registrar and paying agent, Philippine Rating Services Corporation as the credit rating agency, and MOORE Roxas Tabamo and Co. as the portfolio auditor.
