BPI Issues Over Php 36Bn of 6.4250% Bonds from a Successful and Upsized Offer

MAKATI CITY, Philippines — On November 13, 2023, the Bank of the Philippine Islands (“BPI”) issued and listed Php 36,660,800,000 of Peso Fixed-Rate Bonds due 2025 (the “Bonds”) as the second tranche of its Php 100 Billion Bond Program approved by its Board of Directors on May 18, 2022 (the “Offer”).

The Bonds have a term of 1.5 years and bear an interest rate of 6.4250% per annum, payable quarterly. The Bonds are now tradable on the Philippine Dealing & Exchange Corp.

The final issue size of the Bonds was increased to over seven times the initial target of Php 5.0Bn to meet strong investor demand. The net proceeds of the Offer will be used for general corporate purposes, including funding source diversification. 

"Our business continues to thrive mainly because of the strong trust our customers, investors, and stakeholders have in what we do. We thank our investors for the incredible demand in our issuance, as this will greatly support our push to expand our digitalization efforts and diversify our funding sources,” said BPI Treasurer Dino Gasmen.

“We remain strongly committed to further improving our capacity to provide financial services that our fellow Filipinos need in line with our vision of building a better Philippines, one family, one community at a time."

BPI Capital Corporation and ING Bank N.V., Manila Branch served as the Joint Lead Arrangers and Selling Agents of the Offer.

Photo (L-R): Eric Luchangco, BPI Chief Finance Officer and Chief Sustainability Officer; Roland Gerard R. Veloso Jr., BPI Capital President; Ma. Theresa B. Ravalo, Philippine Depository & Trust Corp. (PDTC) President & CEO; Ignacio R. Bunye, BPI Independent Director; Jose Teodoro K. Limcaoco, BPI President & CEO; Dino R. Gasmen, BPI Treasurer and Head of Global Markets; Lenin Duenas, Jr., ING Bank N.V. Managing Director and Head of Financial Institutions Group, Philippines; Antonino A. Nakpil, Philippine Dealing & Exchange Corp (PDEx) President & CEO.