BPI upsizes bond offer to P33.9 billion, gets boost during COVID-19

ABS-CBN News

Posted at Mar 27 2020 08:59 AM

MANILA -- Bank of the Philippine Islands said Friday it upsized its bond offer six-fold to P33.9 billion due to strong demand, notwithstanding the coronavirus pandemic.

The bonds carry 4.05 percent interest per annum, payable quarterly. Ayala-led BPI initially planned to sell P5 billion worth of the debt papers.

"We thank our investors and clients who supported this bond offer despite the volatile market conditions caused by the COVID-19 situation. The issuance will help us deliver the financial services that our fellow Filipinos need during this difficult time," said BPI Treasurer Dino Gasmen.

BPI said it closed the offer period on March 6 ahead of the March 17 schedule after the order book reached P42 billion.