ON TUESDAY, March 19, 2024, the Bank of the Philippine Islands (BPI) successfully tapped the international capital markets with a public USD bond issuance for the first time since 2019, with its offering of US$400 million five-year Reg S senior unsecured notes (Notes).
The Notes were issued under BPI’s $3 billion Medium Term Notes Program, and the net proceeds will be used for refinancing and general corporate purposes.
The five-year Notes were priced at a U.S.
Treasury spread of T+105 basis points with a coupon of 5.25 percent, representing the tightest ever spread on a five-year bond from a non-sovereign Philippine issuer.
The Notes are rated Baa2 by Moody’s. The transaction is expected to settle on March 26, 2024. / PR