Bank of the Philippine Islands issued and listed on Monday P36.66 billion worth of peso fixed-rate bonds due 2025.
This was the second tranche of its P100-billion bond program approved by its board of directors on May 18, 2022.
The bonds have a term of 1.5 years and bear an interest rate of 6.4250 percent per annum, payable quarterly. The bonds are now tradable on the Philippine Dealing & Exchange Corp.
The final issue size of the bonds was increased to over seven times the initial target of P5.0 billion to meet strong investor demand. The net proceeds of the offer will be used for general corporate purposes, including funding source diversification.
BPI treasurer Dino Gasmen said the bank continued to thrive mainly because of the strong trust of its customers, investors and stakeholders.
“We thank our investors for the incredible demand in our issuance, as this will greatly support our push to expand our digitalization efforts and diversify our funding sources,” Gasmen said.
“We remain strongly committed to further improving our capacity to provide financial services that our fellow Filipinos need in line with our vision of building a better Philippines, one family, one community at a time,” he said.
BPI Capital Corp. and ING Bank N.V., Manila Branch served as the joint lead arrangers and selling agents of the offer.
BPI’s net income rose 26.4 percent in the first three quarters to P38.6 billion from a year ago as revenues grew 15.3 percent to P100.9 billion.