Philippines' Metrobank to issue $100 million to $125 million of hybrid tier I securities

By Reshmi Basu

New York, Dec. 9 - Metropolitan Bank and Trust Co. (Metrobank) said it received approval from its board of directors to issue $100 million to $125 million of hybrid tier I securities.

The securities will be non-callable for 10-years with a step-up. If the issue is not called, the coupon will step up based on the greater of 100 basis points or 50% of the credit spread added to the base rate.

The issue will be sold in the first quarter of 2006.

The financial institution is based in Makati City, Philippines.

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