Ty family-led Metropolitan Bank & Trust Co. has raised P13.75 billion from its latest issuance of local bonds, which were listed on the Philippine Dealing Exchange on Thursday.
The 3.5-year peso bonds were priced to yield 4.5 percent a year and will have quarterly interest payments, the bank disclosed to the Philippine Stock Exchange.
Citing robust demand from both institutional, high-net worth and retail clients, Metrobank upsized the issue amount from the original target of P5 billion. It also cut short the offer period by one week from Oct. 3 to 16.
ING Bank N.V., Manila branch and Standard Chartered Bank (SCB) are the joint lead arrangers for this issuance.
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This offering is part of Metrobank’s P100-billion bond and commercial paper program. Since November 2018, Metrobank has raised a total of P70.5 billion via peso bond offerings.
Many local banks have tapped the local bond market, mostly to diversify their funding source. This was after the Bangko Sentral ng Pilipinas made it easier for banks to issue bonds.
