The Bank of the Philippine Islands on Friday issued and listed its P33.7-billion, peso-denominated fixed-rate BPI Sustainable, Environmental, and Equitable Development bonds due 2026, whose proceeds will be used to fund or refinance new and existing green and social projects.
The BPI SEED bond is the third tranche of the lender’s P100 billion bond program approved by its board on 18 May 2022. The bonds are BPI’s largest thematic bond issuance to date.
Due to strong demand from institutional, high-net-worth, and retail clients, the final issue size was expanded 6.7 times the initial size. This issuance is also BPI’s first venture into the sustainable bond format.
“BPI is committed to integrating sustainability in how we do business. The net proceeds from BPI SEED bonds will enable us to foster sustainable development that will contribute to building a better, more resilient Philippines,” said BPI treasurer Dino Gasmen.
The BPI SEED Bonds have a term of 1.5 years and an interest rate of 6.2000 percent per annum, payable quarterly. They are tradable on the Philippine Dealing & Exchange Corp.
BPI Capital Corp, and Standard Chartered Bank served as the joint lead arrangers and selling agents of the offering.
