Bank of the Philippine Islands on Monday issued and listed P36.66 billion of peso fixed-rate bonds due 2025 on the Philippine Dealing & Exchange Corp.
The bonds are the second tranche of its P100 billion bond program approved by its board on May 18. The bonds have a term of 1.5 years and bear an interest rate of 6.4250 percent per annum, payable quarterly.
The final issue size of the bonds was increased to over seven times the initial target of P5 billion to meet strong investor demand. The net proceeds of the offer will be used for general corporate purposes, including funding source diversification.
“Our business continues to thrive mainly because of the strong trust our customers, investors, and stakeholders have in what we do. We thank our investors for the incredible demand in our issuance, as this will greatly support our push to expand our digitalization efforts and diversify our funding sources,” said BPI treasurer Dino Gasmen. “We remain strongly committed to further improving our capacity to provide financial services that our fellow Filipinos need in line with our vision of building a better Philippines, one family, one community at a time.”
BPI Capital Corp. and ING Bank N.V., Manila Branch served as the joint lead arrangers and selling agents of the offer.
