By Marisa Wong
Morgantown, W.Va., Nov. 9 – Metropolitan Bank & Trust Co. (Metrobank) announced it issued PHP 10 billion of 7.15% two-year bonds under its PHP 100 billion bond and commercial paper program.
The offering was almost 10 times oversubscribed, with orders reaching about PHP 19.64 billion against an initial target issue size of PHP 2 billion, according to a company announcement.
As a result, the offering of fixed-rate bonds was upsized to PHP 10 billion.
Standard Chartered Bank acted as the arranger, a selling agent and a market maker for the offering. Metrobank and First Metro Investment Corp. were the other selling agents, and Union Bank of the Philippines was another market maker.
Metrobank said the issuance marks the first ever by a Philippine bank under BSP Circulars 975 and 1010 that allow banks to tap the domestic capital market as an alternative funding source. It is also the first bank bond to be priced under the new BVAL benchmark, the company noted.
The bank is based in Makati City, Philippines.
| Issuer: | Metropolitan Bank & Trust Co.
|
| Issue: | Fixed-rate bonds
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| Amount: | PHP 10 billion
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| Maturity: | Two years
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| Arranger: | Standard Chartered Bank
|
| Coupon: | 7.15%
|
| Announcement date: | Nov. 9
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