25bpicap - BPI upsizes bond float five-fold to ₱15.3 billion

BPI LISTS FIRST BOND OFFERING FOR 2020 – BPI President and CEO Cezar P. Consing (fourth from left) rings the bell on Friday to signify the Bank’s listing of ₱15.3-billion fixed rate bonds with the Philippine Dealing Exchange (PDEx) Corp. With an original issue size of ₱3 billion, the 2-year bonds were more than five times oversubscribed. Consing said that this offering support BPI’s focus on increasing its capacity to finance small, medium, and micro entrepreneurs. Joining him for the bell-ringing ceremony are (from left) Philippine Dealings Systems Group President Ma. Theresa Ravalo, BPI Capital Corporation President Rhoda Huang, BPI Treasurer Dino Gasmen, Standard Chartered Philippines CEO Lynette Ortiz, and PDEx President and COO Antonino Nakpil.

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.

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