Metrobank raises $500M from offshore debt deal

Metropolitan Bank & Trust Co. (Metrobank)

Ty family-led Metropolitan Bank and Trust Co. has raised $500 million from its first offshore debt market foray in nearly two decades.

Metrobank priced its 5.5-year senior notes offering to yield 2.125 percent per annum on Tuesday night, a bookrunner said.

The order book was oversubscribed by over five times the base offer.

Proceeds will be used to refinance existing debt.

UBS and First Metro Investment Corp. acted as joint global coordinators and bookrunners while MUFG and SMBC Nikko Capital Markets Ltd. were the joint lead managers.

In early June, Metropolitan also raised P10.5 billion from a local bond market foray with a tenor of 1.25 years and a coupon rate of 3 percent per annum.