Philippines' Metrobank gets OK to sell Basel 3 compliant tier 2 notes

By Susanna Moon

Chicago, Feb. 12 - Metropolitan Bank & Trust Co. (Metrobank) said it received Bangko Sentral ng Pilipinas' approval to issue peso-denominated Basel 3 compliant tier 2 notes.

The recent BSP resolution amends the terms and conditions of the bank's previous approval and provides Metrobank the flexibility to issue the notes in either dollars or Philippine pesos, or a combination of both, according to a company press release.

The issue would allow the bank to proactively manage its capital base to support its continued growth and to refinance capital securities that have been "de-recognized" upon Basel 3 adoption this year, the press release noted.

ING Bank NV, Manila Branch and Standard Chartered Bank are the joint lead arrangers.

The issuer is a Makati City, Philippines-based bank.

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