By Marisa Wong
Los Angeles, May 19 – Philippines’ Metropolitan Bank & Trust (Metrobank) said it raised PHP 19 billion from its offering of 5¼-year bonds with a fixed coupon of 3.6%.
Metrobank ended the public offer period early. Originally, the offer period was set to run from May 6 to May 24. The offering closed on Tuesday having been 1.9 times oversubscribed.
As previously announced, Metrobank planned to issue PHP 10 billion of the bonds with an option to upsize.
First Metro Investment Corp. and Hongkong and Shanghai Banking Corp. Ltd. acted as joint lead managers and joint bookrunners and, along with Metrobank, selling agents.
This is the latest and final tranche of Metrobank’s PHP 100 billion bond and commercial paper program launched in 2018.
Metrobrank expects to list the bonds on the Philippine Dealing Exchange on June 4.
Proceeds will be used for working capital needs and to diversify the bank’s funding sources.
Metrobank is based in Makati City, Philippines.
| Issuer: | Metropolitan Bank & Trust
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| Issue: | Fixed-rate bonds
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| Amount: | PHP 19 billion
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| Maturity: | 5¼ years
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| Bookrunners: | First Metro Investment Corp. and Hongkong and Shanghai Banking Corp. Ltd.
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| Coupon: | 3.6%
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| Offer period: | May 6 to May 18
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| Listing date: | June 4
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| Listing: | Philippine Dealing Exchange
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