By Susanna Moon
Chicago, July 23 – Metropolitan Bank & Trust Co. said it will issue PHP 6.5 billion of 5¼% 11-year Basel 3-compliant tier 2 notes.
The issue was wrapped early, having been oversubscribed by more than two times by the end of the first day, according to a company press release.
The offer had been set to run from July 22 until July 28.
As previously announced, the notes are callable after six years.
ING Bank NV, Manila Branch and Standard Chartered Bank are the lead arrangers and selling agents. Multinational Investment Bancorp is the market maker and selling agent.
The Makati City, Philippines-based bank said previously that the main purpose for the issuance is for it to proactively manage its capital base in anticipation of stronger growth.
The notes are the second issue under Bangko Sentral ng Pilipinas’ approval to sell up to $500 million notes, with PHP 16 billion series 1 notes issued in March.
| Issuer: | Metropolitan Bank & Trust Co.
|
| Issue: | Basel 3-compliant tier 2 notes
|
| Amount: | PHP 6.5 billion
|
| Maturity: | 11 years
|
| Lead arrangers: | ING Bank NV, Manila Branch and Standard Chartered Bank
|
| Market maker, selling agent: | Multinational Investment Bancorp
|
| Coupon: | 5¼%
|
| Call option: | After six years
|
| Settlement date: | July 23
|
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