BIZ BUZZ: More BPI bond offers in the works
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The bond market is looking extra attractive to banks, especially with a much-awaited interest rate cut right around the corner.
In particular, Ayala-led Bank of the Philippine Islands (BPI) is finding it so attractive that it is looking to make this a regular offering.
“We want to offer this every quarter, if it’s possible, because of the advantage on the reserve side,” BPI treasurer Dino Gasmen told reporters recently, adding that an interest rate cut could work to their advantage.
READ: BPI advances end of green bond offer period to Aug. 1
Gasmen’s optimism came after much demand from institutional, high-net-worth and retail clients for BPI’s P5-billion sustainability-related bonds. This encouraged the country’s fourth largest bank to cut short its offering by a day.
The issuance is part of a P100-billion bond program approved in May 2022. Investors also found the previous tranches attractive: In January 2023, BPI rang up P20.3 billion in the first tranche alone and another P5 billion in October.
Article continues after this advertisementBut BPI president TG Limcaoco clarified that they had “no firm plan yet” on the amount of bonds to be issued in the next quarters.
Article continues after this advertisement“The idea really is to eventually come [at a point] where we have a regular flow of bonds because the market needs it,” Limcaoco said.
The Philippine Dealing and Exchange Corp. has already said the domestic bond market may reach the P400-billion target. Abangan! —Meg J. Adonis
Holcim PH has new chief
Switzerland-based cement firm Holcim has appointed a new head for its Philippine unit, designating its previous head honcho in Algeria to take the helm.
Nicolas George took over as the new president and CEO effective Aug. 1, replacing Horia Adrian who had held the post for three years.
“I’m excited to lead the Philippine business and further raise its business performance and positive impact. The Philippines is an important market for Holcim and I am thrilled to work with our people, customers and other partners to further raise results and deliver great value to all stakeholders,” George said.
George joined Holcim in 2007 as a strategy manager for the firm’s China operations.
Additionally, he had also been the CEO of Holcim in Myanmar and Uganda. —Alden M. Monzon INQ