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Nov 25, 2017 @ 14:23

BPI raises P12.24B from new notes offering

 

It’s a solid turnout for the bank’s venture on the fixed income market.

Bank of the Philippine Islands (BPI) has raised P12.24 billion worth of long-term negotiable certificates of time deposit on Friday, Nov. 24, the first tranche of the P30 billion it eyes to raise in one year.

The offering beat the P5 billion which BPI planned to raise.

The Ayala-owned bank listed the long-term papers at the Philippine Dealing and Exchange Corp., carrying an annual interest rate of 3.75% to mature by May 2023.

BPI said the new funds raised from the note offer will be used to extend loans for big-ticket projects.

“We are hoping that at least some of the proceeds of this go to the government infrastructure projects,” BPI president and chief executive officer Cezar Consing said in a BusinessWorld report.

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