Overwhelming demand prompts Ayalas to cut BPI's bond offer period

Overwhelming demand prompts Ayalas to cut BPI’s bond offer period

Ayala-led Bank of the Philippine Islands (BPI) cut short the offer period for its peso-denominated bonds one week ahead of the original schedule amid strong investor demand.

The 170-year old bank said the offer period which started last January 6 would now end on January 14 instead of January 21.

BPI was originally looking at raising at least P5 billion but decided to upsize the offer due to robust demand from both institutional and high-net worth retail investors.

The two-year bonds were priced at 2.8068 percent per annum.

Proceeds from the bond issue will be used for general corporate purposes, including refinancing.

BPI Capital Corp. and HSBC are the joint lead arrangers while BPI Capital is also the sole selling agent.

The country’s fourth largest lender in terms of assets last tapped the onshore debt market in August 2020 when it raised P21.5 billion via its COVID Action Response (CARE) bonds, the first-ever COVID-19 bond offering in the country.


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