FMIC consolidated income hits P1.87B in Q3

MANILA, Philippines - First Metro Investment Corp. (FMIC) posted a consolidated net income of P1.87 billion in the third quarter of 2014, four percent above its target for the period..

FMIC president Roberto Juanchito Dispo said despite a sluggish first half for the financial markets, the third quarter of the year has shown signs of renewed momentum.

He said tthe investment house forecasts a rally in the government securities (GS) market.

“The secondary GS market will likely be more liquid given that tax-exempt institutions are now allowed to trade in the broader secondary market. In the equities market, another round of outflows is in the offing as the US Fed lays down its groundwork for an interest rate hike,” he added.

Over the past three quarters, FMIC played major roles in three successful issuances in the debt capital market.

It was joint issue manager and joint lead underwriter in SM Prime’s P20-billion fixed rate bonds, which was approximately 1.33 times oversubscribed, allowing SM Prime to increase the issue size from the original P15 billion to P20 billion.

The investment house was issue manager, bookrunner and joint lead underwriter in GT Capital’s P12-billion fixed rate bonds, and the National Government’s P140-billion liability management transaction.