Contributed Photo /BPI
MANILA, Philippines — Zobel family-led Bank of the Philippine Islands (BPI) has raised $800 million from the offshore bond market – its largest issuance in a single transaction.
In a stock exchange filing on Friday, BPI said it had raised $500-million from the sale of five-year bonds at a rate of 5 percent per year. It also sold $300-million 10-year bonds at 5.625 percent.
Settlement is expected on April 7, according to the Ayala Group’s banking arm.
The notes were issued under BPI’s $3-billion medium term notes program. Proceeds will be used for refinancing and general corporate purposes, it added.
READ: BPI returning to overseas debt market
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