Metropolitan Bank & Trust Co., the Philippines’ third largest lender by assets, is looking to raise USD500 million, with an option to upsize the issue amount, depending on market demand and condition.
The bond offer is part of Metrobank’s USD2 billion medium-term note program approved by the bank’s board in March 2017. Moody’s Baa2 with a stable outlook on Metrobank while Fitch Rating has a BBB- with stable outlook.
“Proceeds will be used to diversify the Bank’s funding sources while supporting its operations,” the bank told the Philippine Stock Exchange.
Metrobank has mandated BofA Securities and UBS as joint global coordinators and bookrunners, and MUFG and FMIC as joint bookrunners. The bond will be issued under Regulation S, which allows the offer, sale, and re-sale of securities in offshore transactions without any direct selling effort in the U.S.
