By James A. Loyola
Metropolitan Bank & Trust Company (Metrobank) has raised an additional P17.5 billion after the completion of its public offer of 3-year bonds last week.
In a disclosure to the Philippine Stock Exchange, Metrobank said the bonds were upsized from its initial target of P10 billion to accommodate increased demand from institutional, high net worth and retail clients.
The oversubscription of the bonds also allowed Metrobank to price at the tighter end of the indicative price guidance.
The bonds have a coupon of 6.30 percent, and will have quarterly coupon payments. This is the third bond issuance out of Metrobank’s P100-billion bond program as approved by its board of directors last year, and brings the Bank’s aggregate issue size to P45.5 billion.
The Hongkong and Shanghai Banking Corporation Limited (HSBC) and Standard Chartered Bank – Philippine Branch (SCB) acted as Joint Lead Managers and Bookrunners for the transaction.
HSBC and SCB were also Selling Agents alongside Metrobank, and its subsidiary, First Metro Investment Corporation.
The bonds will be issued and listed on the Philippine Dealing Exchange on April 11, 2019.