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Bank of the Philippine Islands prices 1.5-year 5¾% RISE bonds
By Mary-Katherine Stinson
Lexington, Ky., Jan. 6 – Bank of the Philippine Islands (BPI) announced the pricing and shortened the offer period for an issue of PHP 5 billion of 1.5-year fixed-rate bonds due 2024, according to multiple notices.
The BPI RISE bonds refer to BPI Reinforcing Inclusive Support for MSMEs Bonds.
The bonds will be issued at par with a coupon of 5¾%.
The RISE bonds will be offered from Jan. 9 to Jan. 13. The offer period ends one week earlier than the previously announced ending date of Jan. 20. The issue date, which will be Jan. 30, is unchanged.
As previously reported, the bonds will be offered at a minimum investment amount of PHP 1 million in the offer period. The issue can be upsized, depending on investor demand.
BPI Capital Corp. and ING Bank NV, Manila Branch are the joint lead arrangers of the offer.
BPI Capital is the sole selling agent.
Interested investors may visit any BPI branch or contact BPI Capital at bpicapital@bpi.com.ph.
The RISE bonds will be issued under the bank’s PHP 100 billion bond program approved by its board of directors May 18, 2022.
The Philippine Securities and Exchange Commission has confirmed that the BPI RISE Bonds qualify as Asean social bonds.
Proceeds of BPI’s offering will be used to finance or refinance the business requirements of eligible micro, small and medium enterprises (MSMEs), consistent with BPI’s sustainable funding framework.
Under BPI’s sustainable funding framework, loans to MSMEs may be considered social projects eligible to be financed or refinanced by green, social, and/or sustainability bonds if they benefit underdeveloped regions, support or promote the underserved and underbanked population and/or benefit those significantly and negatively impacted by natural disasters.
The bank is based in Makati City, Philippines.
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