BPI Family savings bank raises ₱2 B from bonds

Published November 28, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

BPI Family Savings Bank (BFSB) has cut short its maiden bond offering by a week and a half after exceededing the target of ₱2 billion.

In a disclosure, the bank attributed this to robust demand from both institutional investors as well as high-net-worth and retail clients.

BFSB, the wholly owned thrift bank and consumer lending arm of the Bank of the Philippine Islands (BPI), priced its maiden bond issuance (BFSB Bonds) last Thursday, November 21, 2019, at 4.30 percent per annum, in the aggregate principal amount of ₱2 billion, with option to upsize.

Proceeds of the issue will support its drive to diversify its investor base and fund its asset expansion, particularly loan growth, digitalization initiatives, and general corporate purposes.

The BFSB Bonds is slated for issuance and listing on the Philippine Dealing & Exchange Corporation on December 16, 2019.

BPI Capital Corporation (BPI Capital) is the Sole Selling Agent, while The Hongkong and Shanghai Banking Corporation Limited is the Sole Arranger and Participating Selling Agent of this deal.

Land Bank of the Philippines – Trust Banking Group is the appointed Trustee for this bond issuance.