BPI raises bond offer 4x from target on high demand

THE Ayala-led Bank of the Philippine Islands (BPI) raised its bond offer to four times their initial target due to high demand.

The bank said the bond offer was increased to P20.3 billion from the initial P5-billion target to accommodate strong investor demand.

The Peso Fixed-Rate Bonds are due in 2024 and have a term of 1.5 years. The bonds are called BPI Reinforcing Inclusive Support for MSMEs Bonds. BPI President and CEO Jose Teodoro K. Limcaoco thanked the bank’s investors “for their continued support and trust.”

Limcaoco said the investments in the BPI RISE Bonds will help “empower micro, small, and medium enterprises to reach their full potential and succeed in their ventures.”

“The success of the bond offering brings BPI one step closer to realizing our vision of building a better Philippines — one family, one community at a time,” he was quoted as saying in a statement issued last Monday.

The BPI RISE Bonds were issued under the lender’s P100-billion bond program, approved by its Board of Directors on May 18, 2022.

The bonds bear an interest rate of 5.75 percent per annum, payable quarterly, and are now tradable on the Philippine Dealing & Exchange Corp. (PDEx).

The net proceeds of BPI’s offering will be used to finance or refinance the business requirements of eligible Micro, Small and Medium Enterprises (MSMEs), consistent with BPI’s Sustainable Funding Framework.

Sustainalytics, a multi-awarded global ESG research, ratings, and data firm, conducted the pre-issuance asset review of BPI RISE Bonds.

BPI Capital Corp. and ING Bank N.V., Manila Branch, served as Joint Lead Arrangers of the offer. BPI Capital was the Sole Selling Agent.


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