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Manila Bulletin devider Business devider Banking & Finance devider BPI shortens P5-B bond sale offer period

BPI shortens P5-B bond sale offer period

Published Oct 24, 2023 07:35 am

The Bank of the Philippine Islands (BPI) announced that it will shorten the offer period for its 1.5 year peso fixed-rate bonds worth P5 billion issued last Oct. 17 due to strong demand. 

In a disclosure to the Philippine Stock Exchange (PSE), the bond sale due 2025 will now end on Oct. 25, nine days earlier than the original Nov. 3 deadline. 

However, the planned issuance and listing date with the Philippine Dealing and Exchange Corp. will still be on Nov. 13. 

According to BPI, the offer period was cut in order for the bank to better manage the "overwhelming demand and strong interest for the bonds from institutional, high-net-worth, and retail clients." 

The aggregate amount of P5 billion comes with an option to upsize. 

The proceeds of the bond sale will be used for "general corporate purposes including funding source diversification," said the bank. 

Clients who are interested in purchasing the bonds must have a minimum investment amount of P1 million with additional increments worth P100,000. 

The P5 billion bond sale is the second tranche of BPI's P100 billion bond program. It has an interest rate of 6.426 percent per annum and can be paid quarterly. 

The first tranche was the P20 billion bond sale for the BPI Reinforcing Inclusive Support for MSMEs Bonds (or the BPI RISE Bonds), which were used for the Bank's Sustainable Funding Framework. 

BPI Capital Corporation and ING Bank N.V. Manila Branch are the Joint Lead Arrangers and Selling Agents of the offer. 

 

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Bank of the Philippine Islands
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