Awash in cash from recent local bond offerings, Metropolitan Bank & Trust Co. plans to redeem ahead of maturity P16 billion worth of debt notes qualifying as tier 2 capital.
The bank’s board recently approved a plan to exercise the call option of the P16-billion subordinated debt on June 27, 2019, Metrobank said in a disclosure to the Philippine Stock Exchange.
The call option is subject to the approval of the Bangko Sentral ng Pilipinas (BSP).
The P16-billion notes were issued in 2014 at a coupon rate of 5.375 percent a year. They were the second Basel 3-compliant instrument issued in the local market with a loss absorption feature. The feature allows the instrument to be recognized as bank capital in accordance with Basel 3 standards.
BUSINESS
BUSINESS
BUSINESS
The tier 2 notes will mature in June 2024 but Metrobank has the call option to redeem them early this June 2019.
Last year, Metrobank set up a P100-billion bond and commercial paper program to support lending activities and diversify funding sources. About P28 billion had so far been raised from this new funding program.—DORIS DUMLAO-ABADILLA
#inqplus-article2 {
width: 100%;
height: 250px;
margin: 20px auto;
background-color: #a5b8c5;
display: flex;
flex-wrap: wrap;
justify-content: space-between;
align-items: flex-start;
}
#inqplus-cta-wrap {
width: 50%;
height: 250px;
background-image: url(/single2017/images/inqplus-sub/inqplus-cta-bg1.png);
background-repeat: no-repeat;
background-size: cover;
}
#inqplus-cta2 {
width: 89%;
height: auto;
margin: 35px auto 0;
}
#inqplus-cta2 img {
width: 100%;
}
#newsletter-cta-wrap {
width: 50%;
height: 250px;
background-image: url(/single2017/images/inqplus-sub/newsletter-bg1.png);
position: relative;
background-repeat: no-repeat;
background-size: cover;
}
#newsletter-cta2 {
width: 95%;
position: absolute;
bottom: -4px;
z-index: 1;
}
#newsletter-cta2 img {
width: 100%;
}
#inqplus-nl-sub2 {
width: 65%!important;
display: flex;
font-size: 0;
box-sizing: border-box;
z-index: 2;
position: absolute;
bottom: 10px;
right: 10px;
}
#inqplus-nl-sub2 form {
width: 100%!important;
}
.sub-input2 {
width: 70%!important;
height: 25px!important;
border: 0!important;
padding: 5px 0 5px 10px!important;
margin: 0!important;
box-sizing: border-box!important;
border-radius:0;
-webkit-appearance:none;
}
.sub-btn2 {
width: 30%!important;
height: 25px!important;
border: 0!important;
padding: 0!important;
margin: 0!important;
background-color: #004a87!important;
color: #f5f5f5!important;
text-transform: uppercase!important;
border-radius:0;
-webkit-appearance:none;
}
/* 414px */
@media only screen and (min-width: 414px) and (max-width: 599px){
#inqplus-article2 {
width: 98%;
height: auto;
}
#inqplus-cta-wrap {
width: 100%;
height: auto;
}
#newsletter-cta-wrap {
width: 100%;
}
#newsletter-cta2 img {
width: 90%;
}
}
/* 320px */
@media only screen and (min-width: 320px) and (max-width: 413px){
#inqplus-article2 {
width: 98%;
height: auto;
}
#inqplus-cta-wrap {
width: 100%;
}
#newsletter-cta-wrap {
width: 100%;
}
}
