Metropolitan Bank & Trust Co. (Metrobank) lists the P23.7 billion fixed-rate bonds it recently raised on the Philippine Dealings and Exchange Corp. (PDEx).

The figures are more than double its initial offering of P10 billion with strong demand even amid the uncertainties. Metrobank also shortened the offer period for the 1.5-year bonds. The bonds will mature in 2024 and carry a coupon rate of 5% gross per annum, payable quarterly.

“The funds raised will mainly be used for the Bank’s general capital requirements, including refinancing of some maturing issuances,” said Fernand Antonio Tansingco, senior executive vice president and head of Financial Markets Sector, Metrobank.

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Metrobank’s bond sale is part of its increased P200 billion Bond and Commercial Paper Program, which was approved by its Board of Directors last 15 December 2021.

First Metro Investment Corp, (First Metro), ING Bank N.V., Manila Branch (ING), and Standard Chartered Bank (SCB) are the Joint Lead Managers and Joint bookrunners of the offer. Metrobank, together with First Metro, ING, and SCB, are the Selling Agents of this issuance.

“The primary market is the bright spot for 2022 with the issuer community really showing that it is back with a vengeance after a lackluster 2021,” said Antonino Nakpil, president and CEO, PDEx. “Corporate and bank issuers have kept the wheels of public financing rolling and domestic investors have reciprocated with more than ample funds. Today’s issue was 2.37 times larger than the original PHP10 billion planned, again reflecting the continuous confidence of Metrobank’s bondholders.”