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Philippines' Metrobank plans to issue $100 million to $125 million hybrid tier I securities in first quarter
By Reshmi Basu
New York, Jan. 31 - Metropolitan Bank and Trust Co. (Metrobank) said it received approval from the Philippine Stock Exchange to issue $100 million to $125 million of hybrid tier I securities during the first quarter.
Previously, Prospect News reported that 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 financial institution is based in Makati City, the Philippines.
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