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Manila Bulletin devider Business devider Metrobank sold P23.7-B bonds

Metrobank sold P23.7-B bonds

Published Oct 28, 2022 02:47 pm

Metropolitan Bank & Trust Co. (Metrobank) has raised P23.7 billion from its fixed-rate bond offering which is more than two times the intended issue size due to strong demand.

In a disclosure to the Philippine Stock Exchange, the bank said the oversubscription prompted it to shorten the offer period for the 1.5-year bonds which have been listed the Philippine Dealings and Exchange Corp. (PDEx).

“The overwhelming response to our bond offering affirms that despite the uncertainties, there is still strong demand for high quality issuers like Metrobank,” said Metrobank Senior Executive Vice President and Head of Financial Markets Sector Fernand Antonio Tansingco.

He added that, “The demand from both retail and corporate clients prompted us to increase our initial bond offering by more than two times beyond the P10 billion we announced to meet the very strong interest.”

“The funds raised will mainly be used for the Bank’s general capital requirements, including refinancing of some maturing issuances,” Tansingco said.

PDEx President and CEO Antonino Nakpil said, “It is fitting that Metrobank, the bank that pioneered bond issuance post the change in BSP (Bangko Sentral ng Pilipinas) regulations back in 2018, is the one that pushes the level of annual bond listings above the P400 billion milestone.”

“The primary market is the bright spot for 2022 with the issuer community really showing that it is back with a vengeance after a lackluster 2021,” he noted.

Nakpil added that, “Corporate and bank issuers have kept the wheels of public financing rolling and domestic investors have reciprocated with more than ample funds.” The newly-listed bonds will mature in 2024 and carry a coupon rate of 5 percent gross per annum, payable quarterly.

Metrobank’s bond sale is part of its increased P200 billion Bond and Commercial Paper Program, which was approved by its Board of Directors last Dec. 15, 2021.

First Metro Investment Corporation (First Metro), ING Bank N.V., Manila Branch (ING), and Standard Chartered Bank (SCB) are the Joint Lead Managers and Joint bookrunners of the offer. Metrobank, together with First Metro, ING, and SCB, are the Selling Agents of this issuance.

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