Bank of the Philippine Islands (BPI) has raised P27 billion, exceeding its initial target size of P5 billion for its latest bond offer by more than 5 times, due to strong demand from investors.
In a disclosure to the Philippine Stock Exchange, the firm said the bonds have been issued as part of BPI’s existing P100-billion Bond Program and are now tradable on the Philippine Dealing & Exchange Corp. (PDEx).
As issued, the bonds bear an interest rate of 2.8068 percent annually, payable quarterly, and a tenor of two years.
“We thank our investors and clients who supported this bond offer. The issuance will help us deliver the financial services that our fellow Filipinos need during this difficult time,” said BPI Treasurer Dino Gasmen.
BPI and the Joint Lead Arrangers decided to close the offer period on January 14, 2022, which is seven days ahead of the original schedule of January 21. This decision was based on the consolidated order book having reached P27 Billion.
BPI Capital Corporation (BPI Capital) and The Hongkong and Shanghai Banking Corporation Limited (HSBC), are the Joint Lead Arrangers of the offer. BPI Capital is Sole Selling Agent, while HSBC is Participating Selling Agent.