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Monday, December 4, 2023

BPI to issue P5 billion worth of bonds

Bank of the Philippine Islands, the third-largest lender in terms of assets, said Tuesday it will offer peso-denominated fixed-rate bonds worth P5 billion due 2025.

BPI said in a disclosure to the stock exchange the issuance is the second tranche of its P100-billion bond program approved by its board of directors on May 18, 2022.

“The net proceeds of the offer will be used for general corporate purposes, including funding source diversification,” BPI said.

The bonds will have a tenor of one and one-half years and will be offered at a minimum investment amount of P1,000,000 and in additional increments of P100,000. The offer period will commence on Oct. 17, 2023 and end Nov. 3, 2023.

The bonds are expected to be issued and listed with the Philippine Dealing and Exchange Corp. on Nov. 10, 2023.

BPI Capital Corp. and ING Bank N.V., Manila Branch are the joint lead arrangers and selling agents of the issuance.

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