By James A. Loyola
Bank of the Philippine Islands (BPI) has upsized its bond offer five-fold to ₱15.3 billion from an initial target size of ₱3 billion, due to strong demand from both retail and institutional investors.
In a disclosure to the Philippine Stock Exchange, the bank said the bonds have been issued, and are now tradable on the Philippine Dealing & Exchange Corp. (PDEx).
The issuance is BPI’s second peso bond transaction, following its landmark ₱25-billion bond issuance in 2018.
The bonds have an interest rate of 4.2423 percent a year, payable quarterly, and a tenor of two years. BPI Capital Corporation (BPI Capital) and Standard Chartered Bank, Philippine Branch (SCB), served as the joint lead arrangers of the bonds. BPI Capital was sole selling agent, while SCB was participating selling agent.