By Marisa Wong
Los Angeles., Jan. 31 – Bank of the Philippine Islands (BPI) announced it upsized its fourth tranche bond offer to PHP 27 billion.
BPI exceeded its initial target size of PHP 5 billion by more than five times due to strong demand from investors, according to a Monday press release.
The two-year bonds bear interest at 2.8068% and were issued under BPI’s PHP 100 billion bond program.
On Jan. 13 the bank had announced it would shorten the offer period for the bonds seven days ahead of schedule, to end on Jan. 14 instead of Jan. 21, based on the consolidated order book having reached PHP 27 billion.
Investors included institutional investors as well as high net worth and retail clients, as previously noted.
BPI Capital Corp. and HSBC Ltd. were joint lead arrangers for the offering. BPI Capital also acted as selling agent with HSBC as participating selling agent.
Proceeds will be used for general corporate purposes, including refinancing.
The bank is based in Makati City, Philippines.
| Issuer: | Bank of the Philippine Islands
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| Amount: | PHP 27 billion
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| Issue: | Bonds, fourth tranche
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| Maturity: | Two years
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| Arrangers: | BPI Capital Corp. and HSBC Ltd.
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| Coupon: | 2.8068%
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| Offer close date: | Jan. 14
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| Upsizing announcement: | Jan. 31
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