'Strong' demand prompts Metrobank to shorten bond offer period

MANILA, Philippines — Metropolitan Bank & Trust Co. said Friday it will cut short its latest bond offering due to “strong” demand from investors.

In a disclosure to the stock exchange, the Ty-led bank said the offer period for its P10-billion bond sale will close on October 17, earlier than its initial plan to cap the offering on October 19.

The “offering of peso-denominated SEC registration-exempt fixed-rate bonds will close ahead of schedule due to strong demand,” Metrobank said.

The peso-denominated debt papers are payable in 1.5 years and have an interest rate of 5% per annum. Metrobank could increase the size of the offering in the event of robust investor appetite for the securities.

The bonds are part of Metrobank’s bigger P200-billion borrowing program meant to fund the company’s “general working capital needs.” The bank’s borrowing plan was approved by its directors in December last year.

Metrobank hired First Metro Investment Corp., ING Bank N.V., Manila Branch, and Standard Chartered Bank as the joint lead managers and joint bookrunners of the offer.

Metrobank, together with FMIC, ING and SCB, are the selling agents of this issuance.

Shares in the listed bank capped the week with 1.83% gains — Ian Nicolas Cigaral