Philippines' Metrobank board OKs call on 7¾% lower tier 2 notes

By Marisa Wong

Madison, Wis., July 17 - Metropolitan Bank & Trust Co. (Metrobank) is seeking to redeem its PHP 5.5 billion of 7¾% lower tier 2 notes on Oct. 4. The bank said its board approved the call option exercise at a meeting held on Tuesday.

The Bangko Sentral ng Pilipinas has yet to approve the bond call.

As previously announced, Metrobank proposed the issuance of up to $500 million of Basel III-compliant tier 2 capital securities to manage its capital base for growth and to help refinance maturing capital notes, including the 7¾% lower tier 2 notes.

The Makati City, Philippines-based bank said it is in the process of securing approval from the central bank.

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