Philippines' First Metro sets coupons for upcoming corporate bonds

By Marisa Wong

Madison, Wis., July 30 - First Metro Investment Corp. announced the final terms for its planned issue of fixed-rate corporate bonds. The company plans to issue up to PHP 5 billion of the bonds in two tranches.

The first tranche will have a maturity of five years and three months and a coupon of 5½%, and the second tranche will have a maturity of seven years and a 5¾% coupon.

The company said previously that the interest rates are based on the five- and seven-year PDST-F reference rates plus a spread of 62.5 basis points to 100 bps.

The bonds will not be callable in the first four years.

Standard Chartered Bank is the bookrunner and underwriter for the bonds.

As previously noted, there is an up to PHP 2 billion over-allotment option.

The offer period will run from July 30 to Aug. 3. The company said it may shorten or extend the offer period but expects to issue the bonds on Aug. 10.

Proceeds from the issue will be used for general corporate purposes.

Based in Makati City, Philippines, First Metro specializes in investment banking and corporate lending, as well as treasury and investment advisory services. First Metro is a subsidiary of Metropolitan Bank and Trust Co. (Metrobank).

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