Metrobank offers fresh batch of best-selling bonds

Ty family-led Metropolitan Bank and Trust Co. plans to raise at least P5 billion from the reopening of its pioneering bank bonds.

Metrobank would reopen to the public its existing two-year bonds, which were priced to yield 7.15 percent per annum, the bank disclosed to the Philippine Stock Exchange on Friday.

The bank had earlier raised P10 billion from this issuance, which is part of its P100-billion bond and commercial paper program.

With the reopening of the bonds, investors who were not able to participate in the previous offering will get a second chance to subscribe and enjoy the same yield.

The new offer period will be from Nov. 28 to Dec. 7 this year, while issue date will be on Dec. 17.

Metrobank’s recent offering was almost 10 times oversubscribed as orders reached as high as P19.63 billion against the initial target issue size of P2 billion. This prompted the bank to upsize the issuance to P10 billion.

Standard Chartered Bank acted as sole arranger as well as selling agent and market maker for the transaction. Other selling agents were Metrobank and First Metro Investment Corp., while Union Bank of the Philippines was another market maker.

The listing of the new bonds brought Metrobank’s total face amount of instruments listed on the Philippine Dealing & Exchange Corp. to P45.33 billion.

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