ON NOV. 13, 2023, the Bank of the Philippine Islands issued and listed P36,660,800,000 of Peso Fixed-Rate Bonds due 2025 as the second tranche of its P100 Billion Bond Program approved by its Board of Directors on May 18, 2022.
The bonds have a term of 1.5 years and bear an interest rate of 6.4250 percent 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 P5 billion to meet strong investor demand.
The net proceeds of the offer will be used for general corporate purposes, including funding source diversification. BPI Capital Corp. and ING Bank N.V., Manila Branch served as the Joint Lead Arrangers and Selling Agents of the Offer.