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Manila Bulletin devider Business devider Banking & Finance devider BPI prices P5-billion SEED bonds, kicks-off public offering

BPI prices P5-billion SEED bonds, kicks-off public offering

Published Jul 19, 2024 12:14 am

The Bank of the Philippine Islands (BPI) has priced its 1.5-year peso-denominated fixed-rate bonds due 2026, called BPI Sustainable, Environmental, and Equitable Development Bonds (BPI SEED Bonds), at at least P5 billion.

In a disclosure to the Philippine Stock Exchange (PSE), the bank said the SEED Bonds will be issued at par value, bearing an interest rate of 6.2 percent per annum, paid quarterly.

Applications to purchase the BPI SEED Bonds will require a minimum investment amount of P500,000 and additional increments of P100,000.

BPI will use the net proceeds of the offer to finance or refinance new or existing Eligible Green and/or Social Projects as defined under, and consistent with, BPI’s Sustainable Funding Framework.

The offer period for the BPI SEED Bonds will begin on July 19, 2024 and end on Aug. 2, 2024. The BPI SEED Bonds are expected to be issued and listed with the Philippine Dealing and Exchange Corporation on Aug. 9, 2024.

“BPI is committed to creating value not only for its businesses, but also for its stakeholders, the environment, and the communities in which it operates,” it said.

“It strives to have sustainability at the core of its corporate strategies, ultimately balancing its growth aspirations with its environmental and social responsibility,” the bank said.

It added that “BPI is keen to use the offer of BPI SEED Bonds as an opportunity to promote projects that contribute to the United Nations Sustainable Development Goals.”

The Securities and Exchange Commission (SEC) confirmed on July 18, that the BPI SEED Bonds qualify as ASEAN Sustainability Bonds.

Bonds carrying this classification have been independently verified to have systems to ensure that proceeds raised will be directed toward projects that benefit society.

This gives bondholders confidence that their investments will be used to make a positive environmental and social impact.

BPI Capital Corporation and Standard Chartered Bank are the Joint Lead Arrangers and Selling Agents of the offer. BPI and the Joint Lead Arrangers and Selling Agents reserve the right to update the offer terms and the periods and dates prescribed above, as deemed appropriate and with due notice.

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