Wednesday 20 November
Dec 17, 2018 @ 19:44

Metrobank raises P18B from reissued notes


This bank remains well-trusted by investors.

The Metropolitan Bank & Trust Company (Metrobank) raised P18 billion from reissued two-year bonds on Monday, Dec. 17.

This is well above the original P5-billion planned offering, which was later on bumped up.

“The bank upsized to more than triple its initial plan to reissue P5 billion worth of bonds to address overwhelming investor demand for the instrument,” the lender owned by the late bilyonaryo George SK Ty said in a disclosure.

The papers have an effective interest rate of 7 percent with quarterly coupon payments, and follow the P10 billion papers issued in November.

“This serves as a significant milestone for
Metrobank who has consecutively proven its ability to always be the first to market, and pioneer a reopening following its successful maiden issuance last November,” said bank president Fabian Dee.

Standard Chartered Bank acted as sole arranger and bookrunner for the bond float.

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