Demand for BPI bonds hit P38B
Investors scrambled to place their bets on this lender.
Ayala-owned Bank of the Philippine Islands (BPI) revealed the pricing for the 1.25-year bonds which they are issuing to investors.
The demand was so strong that it hit P38 billion, prompting the bank to close the offer period a day ahead of schedule.
The fixed-rate bonds come with a coupon of 6.7970% per annum, to be paid quarterly.
BPI capped the investments at P25 billion, already five times higher than the initial P5 billion they wanted to raise.
“The offering supports the Bank’s growth objectives and expansion plans while diversifying its funding sources,l BPI said in a disclosure.
“We are grateful that investors recognize our strong credit metrics and we are happy to meet their needs for innovative fixed income products,” added BPI President and Chief Executive Officer Cezar Consing.
The bonds will be listed on Thursday, Dec. 6.