Metrobank returns to bond market with P10-B offer | Inquirer Business
MINIMUM INVESTMENT OF P500,000

Metrobank returns to bond market with P10-B offer

/ 02:04 AM October 07, 2022
Metrobank returns to the bond market with P10-B offer

A Metrobank branch in Sta. Cruz, Manila. INQUIRER PHOTO/GRIG C. MONTEGRANDE

Ty family-led banking giant Metropolitan Bank & Trust Co. (Metrobank) launched a P10-billion bond sale on  Oct. 6, which will run until Oct. 19 this year.

In a stock exchange filing, Metrobank said the notes would pay an interest rate of 5 percent annually and would mature in 1.5 years. The bonds will be listed on the Philippine Dealing Exchange Corp. on Oct. 28.

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The lender said it would also maintain an option to increase the offer size. Proceeds will be used for general working capital needs.

The minimum investment amount is P500,000 with additional increments of P100,000, according to Metrobank.

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The offer is part of Metrobank’s P200-billion bond and commercial paper program.

First Metro Investment Corp., ING Bank N.V., Manila Branch and Standard Chartered Bank were tapped as joint lead managers and joint bookrunners of the offer. The parties, alongside Metrobank, will also act as selling agents for the bond sale.

The offer marks the bank’s return to the bond market after a P10-billion sale of 5.25-year notes in May last year.

Metrobank earlier said first half 2022 profits rose on higher core earnings while expenses for bad loans were sharply lower. Net income from January to June jumped 33 percent to P15.6 billion while gross loans during the period expanded 9 percent to P1.3 trillion.

Commercial lending grew 12 percent while the credit card segment rose 16 percent, the lender said, while total deposits expanded 13 percent to P2.1 trillion. —Miguel R. Camus

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TAGS: Bonds, Metrobank
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