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Forward Bonds

Bond Forward Program

The PDS Bond Forward Program refers to the market framework and infrastructure for Bond Forward Contracts to be traded, cleared, and settled through the PDEx Fixed Income Market. It is operated by the Philippine Dealing & Exchange Corp. (PDEx) which shall:

    • Provide one or more Bond Forward Trading Board/s on its Trading System, within its SEC-registered Market;
    • Develop and implement Trading Rules and Conventions for these Forward Board/s through its Self-Regulatory Organization (SRO); and,
    • Publish pertinent price and transaction data as warranted to its market stakeholders.
    • Provide Bilateral  Netting System for net cash settlement of Bond Forward transactions on their designated close out date prior to the forward settlement date/s.

Bilateral Netting System is intended to reduce settlement obligations between two trading counterparties by off-setting purchase and sale transactions of the designated fixed income asset and payment currency, within the given forward settlement date, to calculate a single “netted” obligation/payment amount of the asset and cash to be settled with finality at pre-agreed net settlement dates and times (cycles) prior to the designated forward settlement date.

Product Description

A Bond Forward is a contract to buy or sell a specified debt security on a specific future date at a specified price.

  • Objective: To create an interest rate hedge market for use by market participants and stakeholders that have interest rate exposures, through bond portfolios.
  • Key Features:
    • Eligible Securities

List of Eligible Securities as of end January 2025

No.Security Name
Security Code
Years Remaining
Maturity Date
Outstanding Amount (In PHP MM)
1PH0000057374
10-71
8.55
08/17/2033
140,000.00
2PIBD1032I695
FXTN 10-69
7.63
09/15/2032
293,586.00
3PIBD1029A644
FXTN 10-64
3.95
01/10/2029
355,000.00
    • Forward Dates
Standard Settlement Date

  • Every 3rd Wednesday of Mar / Jun / Sept / Dec (standard “IMM Contract Months”)

  • Forward settlement date on non-business days to be adjusted to next available settlement date.

Standard Close Out Date

  • The nearest Friday prior to the third Wednesday of the contract month is the standard date to execute close-out cash settlements.

  • Forward close out date on non-business days to be adjusted to next available settlement date.

Forward Settlement Dates
Forward Close Out Dates
March 19, 2025
March 14, 2025
June 18, 2025
June 13, 2025
September 17, 2025
September 12, 2025
December 17, 2025
December 12, 2025

Bond Forward Transactions Time & Sales Publication

PDEx shall publish the bond forward transactions of all Forward Participants in the Market Data page