The Bank of the Philippine Islands ("BPI") has determined the pricing for its 1.5-year Peso Fixed-Rate Bonds due in 2025 (the "Bonds"), with an aggregate principal amount of ₱5 billion and an option for upsizing.
BPI intends to use the net proceeds of the offer for general corporate purposes, and the Offer will aid in diversifying BPI's funding sources. I Photo: BPI Facebook
In a disclosure to the Philippine Stock Exchange, BPI stated that the Bonds, constituting the second tranche under the Bank's ₱100.0 Billion Bond Program (the "Offer"), will be issued at par value, carrying an interest rate of 6.425% per annum, paid quarterly.
To purchase the Bonds, applications must meet a minimum investment amount of ₱1,000,000 and can be made in additional increments of ₱100,000.
BPI intends to use the net proceeds of the offer for general corporate purposes, and the Offer will aid in diversifying BPI's funding sources.
The Offer period is set to begin on October 17, 2023, and conclude on November 3, 2023. The Bonds are anticipated to be issued and listed with the Philippine Dealing and Exchange Corp. on November 13, 2023.
BPI Capital Corporation ("BPI Capital") and ING Bank N.V., Manila Branch are serving as the Joint Lead Arrangers and Selling Agents of the Offer.
BPI and the Joint Lead Arrangers retain the right to modify the Offer terms, periods, and dates as they see fit, with appropriate notice. Interested investors can visit any BPI branch or contact BPI Capital at email@example.com.
It's important to note that the bonds are not insured under the Philippine Deposit Insurance Corp.