Press Release
Aug 09, 2024
MAKATI CITY, Philippines – On August 9, 2024, the Bank of the Philippine Islands (“BPI”, the “Bank” or the “Registrant”) issued and listed Peso-denominated fixed-rate BPI Sustainable, Environmental, and Equitable Development Bonds due 2026 (“BPI SEED Bonds”), in the aggregate principal amount of Php 33,700,000,000.00, comprising the third tranche of the Bank’s Php 100 Billion Bond Program, approved by its Board of Directors on May 18, 2022 (the “Offer”).
In the photo (L-R): BPI Capital President Roland Gerard R. Veloso Jr., BPI Institutional Banking Head Juan Carlos L. Syquia; Philippine Depository & Trust Corporation President & CEO Ma. Theresa B. Ravalo; BPI Director Wilfred T. Co, BPI Chairman Jaime Augusto Zobel de Ayala; BPI Treasurer and Head of Global Markets Dino R. Gasmen; Standard Chartered Bank Philippines CEO and Head of Client Coverage for ASEAN Region Mike Samson; BPI Chief Finance Officer and Chief Sustainability Officer Eric M. Luchangco; and Philippine Dealing & Exchange Corporation President & CEO Antonino A. Nakpil
The BPI SEED Bonds mark the Bank’s largest thematic bond issuance to date. In the wake of robust demand for the BPI SEED Bonds across institutional, high net worth, and retail clients, the final issue size thereof was increased by 6.7 times the initial issue size of Php 5.0 Billion. This landmark offering is also BPI’s first foray in the sustainable bond format. BPI will use the net proceeds of the Offer to finance or refinance new or existing Eligible Green and/or Social Projects as defined under, and consistent with, BPI’s Sustainable Funding Framework.
“BPI is committed to integrating sustainability in how we do business. The net proceeds from BPI SEED Bonds will enable us to foster sustainable development that will contribute to building a better, more resilient Philippines,” said BPI Treasurer Dino Gasmen.
The BPI SEED Bonds, now tradable on the Philippine Dealing & Exchange Corp., have a term of 1.5 years and bear an interest rate of 6.2000% per annum, payable quarterly.
BPI Capital Corporation and Standard Chartered Bank served as the Joint Lead Arrangers and Selling Agents of the Offer.
[1] In no case shall the unallocated proceeds from the BPI SEED Bonds be used to repay existing borrowings under general credit facilities of the Bank.
THE BONDS REFERRED TO HEREIN ARE SECURITIES EXEMPT FROM REGISTRATION UNDER SECTION 9.1(E) OF THE SECURITIES REGULATION CODE AND WILL ACCORDINGLY NOT BE REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE BONDS ARE NOT DEPOSIT INSTRUMENTS AND ARE NOT INSURED BY THE PHILIPPINE DEPOSIT INSURANCE CORPORATION.
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| BPI is regulated by the Bangko Sentral ng Pilipinas