The Bank of the Philippine Islands or BPI has commenced offering bonds yesterday, March 2, 2020.
The bank set the final public offer date for the fixed income instruments until Tuesday, March 17.
Philippine business newspaper BusinessWorld reported that the listing date of the peso-denominated fixed-rate bonds is on Friday, March 27.
Nevertheless, BPI relayed that it might adjust this original schedule as it sees appropriate.
The bonds that the financial services provider issued carry an interest rate of 4.05 percent per annum and features quarterly payments.
Moreover, these peso fixed-rate bonds will mature in one and a half years. The Ayala-led lender announced that in this bond issuance event, it aims to accumulate P5 billion.
Furthermore, the bank cited in a statement to the Philippine Stock Exchange yesterday that it has the choice to increase the amount of the bond issue.
Interested parties for the peso fixed-rate bonds should have a minimum investment worth P1 million.
BPI set this amount in additional increments amounting to P100,000. The banking institution is the only selling agent for the peso-denominated fixed income instruments.
Meanwhile, the offering’s joint lead arrangers comprise ING Bank N.V. Manila Branch and BPI Capital Corporation.
The former serves as a participating selling agent as well. For this year, this bond issuance event is the second time for the bank.
The first of this bond offering was in January. The bank set those peso-denominated bonds’ interest rate to worth 4.2423 percent per annum.
That time, BPI successfully sold peso-denominated bonds featuring quarterly payments and totaling to P15.3 billion.
Furthermore, these fixed-rate instruments underwent oversubscription by over five times the original offer of P3 billion.
These peso-denominated bonds had a tenor of two years.
Dino R. Gasmen is working as treasurer at BPI. In a statement, he confirmed that they would carry on with exploring the same opportunities.
Gasmen relayed that they would like to augment their capability further in delivering germane financial services to more consumers in the Philippines.
Furthermore, the financial firm’s executive pointed out that the latest bond offering is in line with their strategy to expand. The event also facilitates making their financing sources diversified, Gasmen remarked.
During the fourth quarter of 2019, the net income of the bank rose to P6.77 billion. These figures indicate a surge of 11.6 percent year on year.
Moreover, the net income of BPI surged to P28.8 billion last year due to more massive revenues.
These figures exhibited a 24-percent increase. On Monday, March 2, 2020, the Bank of the Philippine Islands (PSE: BPI) closed at P75.50 per share.
This last trade price of BPI shares is up by P1.40 or 1.89 percent from its previous close. Furthermore, the total turnover value reached P284,762,537.50.
The Philippine Stock Exchange recorded the 52-week high of the bank at P100.50. Meanwhile, its 52-week low is at P74.10.
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