By Paul A. Harris
St. Louis, Feb. 8 - The Philippines' Metropolitan Bank and Trust Co. (Metrobank) has placed a $125 million issue of tier 1 perpetual non-cumulative fixed-rate/floating-rate notes (B2) that will pay a coupon of 9%, according to an informed source.
The issue, which is non-callable for 10 years, priced at par for a yield to call of 9%.
UBS had the books for the Regulation S registered issue.
If not called, the coupon steps up to three-month Libor plus 588 basis points.
| Issuer: | Metropolitan Bank and Trust Co. (Metrobank)
|
| Amount: | $125 million
|
| Maturity: | Perpetual
|
| Security description: | Tier 1 perpetual non-cumulative fixed-rate/floating-rate notes
|
| Bookrunner: | UBS
|
| Coupon: | 9%
|
| Price: | Par
|
| Yield to call: | 9%
|
| Call: | Callable Feb. 15, 2016
|
| Step up: | If not called, coupon steps up to three-month Libor plus 588 bps
|
| Settlement date: | Feb. 15
|
| Rating: | Moody's: B2
|
| Distribution: | Regulation S
|
| Listing: | Singapore Stock Exchange
|
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