BPI prices inaugural peso bonds, worth P25 billion

ABS-CBN News

Posted at Nov 20 2018 10:09 AM | Updated as of Nov 20 2018 10:23 AM

MANILA -- Bank of the Philippine Islands said Tuesday it priced its inaugural P25 billion fixed rate bonds due in March 2020, which was received strongly by investors.

The debt will pay a coupon of 6.797 percent per annum payable quarterly. The 20 percent difference between the coupon and the government benchmark is at the narrow end of the 20-40 basis point range that was earlier communicated to institutional investors, BPI said.

"The offering supports the bank’s growth objectives and expansion plans while diversifying its funding sources," said BPI, the country's fourth largest lender by assets.

BPI said the issue size was increased to P25 from the initial guidance of P5 billion and the consolidated order book reached P38 billion.

The bonds will be listed on PDEx on Dec. 6.