Metrobank sets P5B bond offering
The Ty family’s banking arm Metropolitan Bank & Trust Co. plans to raise at least P5 billion from a fresh offering of retail bonds.
The bonds with a tenor of at least three and a half years represent the fourth tranche of the bank’s P100 billion bond and commercial paper program.
Metrobank has tapped ING Bank N.V., Manila Branch and Standard Chartered Bank (SCB) as joint lead arrangers for the planned bond issuance.
The Ty family-owned bank has an option to upsize the issue depending on market conditions.
Metrobank raised a total of of P56.75 billion from its peso-denominated bond offerings since November 2018.
The local banking giant reported a net income of P13 billion in the first half, up 18% on the back of consistent loan growth and margin expansion, higher fee-based income, and improved operational efficiency.
As of the end of June, Metrobank’s consolidated assetsand equity reached P2.3 trillion and P296.5 billion, respectively. The bank’s capital ratios were comfortably above regulatory requirements, with total capital adequacy ratio at 17.1% and common equity tier 1 ratio at 15.7%.