BPI cuts offer period for bond sale due to 'strong demand'

MANILA, Philippines — The Bank of the Philippine Islands reduced the offer period for the fourth tranche of its bonds issuance due to "overwhelming demand" from investors.

In a disclosure to the Philippine Stock Exchange on Thursday, BPI said the latest offer is part of its ongoing P100-billion bond program.

The offer period for these bonds, proceeds from which will be used for general corporate refinancing, will now finish on January 14 instead of a week later.

The bank set the price for its latest issuance at 2.8068% yearly, with an aggregate principal amount of up to P5 billion with an option to upsize. 

BPI Capital Corporation and Hongkong and Shanghai Banking Corporation Limited are joint lead arrangers for this bond sale.