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Philippines' Metrobank offers Basel 3-compliant tier 2 notes due 2024
By Marisa Wong
Madison, Wis., March 11 - Metropolitan Bank & Trust Co. announced it will issue new Basel 3-compliant tier 2 notes.
The public offer period will run from March 10 to March 21, but the bank said it reserves the right to close the offer period early.
The notes will have a tenor of 10 years and three months and will be callable after five years and three months.
ING Bank NV, Manila Branch and Standard Chartered Bank are the joint lead arrangers and selling agents. Metrobank and First Metro Investment Corp. will act as limited selling agents, and Multinational Investment Bancorp. will act as market maker and selling agent.
The Makati City, Philippines-based bank said the main purpose for the issuance is for it to proactively manage its capital base in anticipation of stronger growth in the future.
Settlement is slated for March 27.
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