By Susanna Moon
Chicago, March 24 - Metropolitan Bank & Trust Co. said it issued PHP 16 billion of Basel III-compliant tier 2 notes due June 2024 with a coupon of 5 3/8%, or 151 basis points over the five-year PDST-F government benchmark.
The deal was 2.7 times oversubscribed with strong demand, which prompted Metrobank to close the offer period three days early and to double the issue size to PHP 16 billion to accommodate the majority of customer demand, according to a press release.
ING Bank NV, Manila Branch and Standard Chartered Bank are the joint lead arrangers and selling agents.
Proceeds will be used to help the company capitalize on growth opportunities amid strong economic prospects, the company said.
The company said on March 18 that it closed the public offer period for the issue due to strong demand from both institutional and retail investors. The public offer was originally set to run from March 10 to March 21.
The Makati City, Philippines-based bank said previously that the main purpose for the issuance is for it to proactively manage its capital base in anticipation of stronger growth.
| Issuer: | Metropolitan Bank & Trust Co.
|
| Issue: | Basel III-compliant tier 2 notes
|
| Amount: | PHP 16 billion
|
| Maturity: | June 2024
|
| Coupon: | 5 3/8%
|
| Lead arrangers: | ING Bank NV, Manila Branch and Standard Chartered Bank
|
| Limited selling agents: | Metrobank and First Metro Investment Corp.
|
| Market maker, selling agent: | Multinational Investment Bancorp.
|
| Spread: | 151 bps over PDST-F government benchmark
|
| Call option: | June 2019
|
| Settlement date: | March 27
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
