Bank of the Philippine Islands, the fourth largest bank in the country by assets, said Wednesday it cut short the offer period for its 1.5-year peso-denominated fixed-rate SEED bonds due to strong demand.
SEED stands for sustainable, environmental, and equitable development bonds.
BPI, the banking affiliate of the Ayala Group, said demand across institutional, high-net worth and retail clients has been “overwhelming.”
The bond offer was originally set to run from 19 July to 2 August. The offer will now instead close on 1 August
The BPI SEED bonds will be issued at par value, bearing an annual interest rate of 6.2 percent, paid quarterly. The planned issue and listing date of the BPI SEED bonds on 9 August on the Philippine Dealing and Exchange Corp. remains unchanged.
BPI Capital Corp. and Standard Chartered Bank are the joint lead arrangers and selling agents.
