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BPI shortens bond offer period due to ‘strong demand’

January 13, 2022 - Thursday 6:01 PM by GDM

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The Bank of the Philippine Islands shortened the period for the sale of its new bonds after investors swarmed the lender’s offering.

In a disclosure to the stock exchange, BPI said the offer period for the fourth tranche of its existing P100 billion bond program will end on January 14, 2022 instead of January 21, 2022.

This is “due to overwhelming demand from investors, which includes institutional investors as well as high-net-worth and retail clients,” the bank said.

BPI priced its latest issuance on Wednesday, January 5, 2022, at 2.8068% per annum.

The offer has an aggregate principal amount of up to P5 billion, with an option to upsize if there is great investor demand for the debt papers.

BPI will use the fresh borrowings “for general corporate purposes including refinancing” of maturing debts.

The Ayala-led lender hired BPI Capital Corporation (BPI Capital) and The Hongkong and Shanghai Banking Corporation Limited (HSBC) as the joint lead arrangers of the offer.

BPI Capital is the Sole Selling Agent, while HSBC is Participating Selling Agent.

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