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Metrobank raises P13.75B

METROPOLITAN BANK & Trust Co. raised P13.75 billion in fresh funds from its issuance of 3.5-year peso-denominated bonds, it said on Thursday.

The bank said in a disclosure yesterday that the papers carry a coupon rate of 4.5% with quarterly interest payments.

Metrobank upsized the issuance from its original target of P5 billion “[d]ue to the robust demand from both institutional, high net worth and retail clients.”

It also cut short the offer period, which was supposed to run from Oct. 3-16, by one week amid strong investor interest.

The bank issued and listed the bonds on the Philippine Dealing Exchange yesterday. ING Bank N.V.-Manila Branch and Standard Chartered banks were the joint lead arrangers for the issuance.

This latest issue marks the fifth time the bank has raised funds via its approved P100-billion bond and commercial paper program.

Since November 2018, Metrobank has raised P70.5 billion via peso bond offerings.

The Ty-led bank booked a net income of P6.48 billion in the second quarter, up 15.5% from a year ago.

Metrobank’s shares closed at P71 apiece on Thursday, down 0.84% or 60 centavos from the previous day’s finish. — LWTN

The post Metrobank raises P13.75B appeared first on BusinessWorld.

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