By Marisa Wong
Los Angeles, Aug. 7 – Bank of the Philippine Islands issued PHP 21.5 billion of Covid action response (CARE) bonds with a tenor of 1¾ years and a coupon of 3.05% on Friday, according to a press release.
Subscriptions for the offering totaled more than seven times the initially planned issue size of PHP 3 billion.
As previously announced, the bank had decided to shorten the offer period for the CARE bonds, closing the offer period on July 8, more than a week ahead of schedule.
BPI Capital Corp. and Hongkong and Shanghai Banking Corp. Ltd. acted as lead arrangers, with BPI Capital as selling agent and HSBC as participating selling agent.
Proceeds will be used to finance and refinance eligible micro, small and medium enterprises under the bank’s sustainable funding framework.
The Philippine Securities and Exchange Commission has confirmed that the CARE bonds qualify as social bonds under the Asean social bonds standards in the Philippines, according to a prior press release.
The lender is based in Makati City, Philippines.
| Issuer: | Bank of the Philippine Islands
|
| Issue: | Covid action response (CARE) bonds
|
| Amount: | PHP 21.5 billion
|
| Maturity: | 1¾ years
|
| Arrangers: | BPI Capital Corp. and Hongkong and Shanghai Banking Corp. Ltd.
|
| Coupon: | 3.05%
|
| Offer period end date: | July 8
|
| Issue date: | Aug. 7
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
