By Susanna Moon
Chicago, Oct. 7 - Metropolitan Bank & Trust Co. said it issued PHP 5.5 billion of peso-denominated lower tier 2 step-up callable subordinated notes.
The notes pay interest at 7¾% per year and are due in 10 years. The notes are callable in the fifth year, subject to a step-up interest rate feature.
Proceeds will be used to help refinance $200 million of lower tier 2 notes, which Metrobank plans to call in December.
ING Bank NV and Standard Chartered Bank are the joint lead arrangers, bookrunners, selling agents and market makers for the issue. Multinational Investment Bank Corp. and PNB Capital also are selling agents.
The settlement date was Oct. 3.
The Makati City, Philippines bank said investor interest exceeded PHP 8 billion, or 160% of the offer size.
| Issuer: | Metropolitan Bank & Trust Co.
|
| Issue: | Lower tier 2 step-up callable subordinated notes
|
| Amount: | PHP 5.5 billion
|
| Maturity: | 2018
|
| Coupon: | 7¾
|
| Price: | Par
|
| Yield: | 7¾
|
| Call option: | In year five
|
| Agents: | ING Bank NV and Standard Chartered Bank (leads), Multinational Investment Bank Corp., PNB Capital
|
| Settlement date: | Oct. 3
|
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