Philippine Airlines secured $300 million through its inaugural international bond offering, a landmark five-year senior unsecured guaranteed note priced at a 7.75% fixed coupon with an 8.00% yield. The deal, issued by Primero Agila Limited and guaranteed by PAL and Air Philippines Corp., attracted $1.4 billion in orders, representing 4.5 times oversubscription and validating post-restructuring recovery. Listed on the Singapore Exchange, this transaction marks the first rated high-yield bond by a Philippine issuer in over a decade, the first unsecured rated high-yield bond by an Asian airline, and the first rated airline bond from South and Southeast Asia. Proceeds will fund fleet modernization and network expansion to North America, the Middle East, Japan, and Australia, diversifying funding beyond traditional bank loans. Settlement is scheduled for 16 July 2026.