BANK of the Philippine Islands is looking to raise at least P5 billion from it offer of peso-denominated bonds in January, it said on Friday. 

“Proceeds from this bond offering will be used for general corporate purposes including refinancing,” the bank said in a filing with the local bourse on Friday.  

The papers will have a tenor of two years. The upcoming issuance is the fourth tranche of the bank’s P100-billion bond program.  

BPI will offer the papers from Jan. 6-21. Its issue and listing date will be on Jan. 31. 

Investments start at P1 million and in increments of P100,000 afterwards. 

The bank said it may update the offer’s terms and schedules. 

BPI Capital Corp. and The Hongkong and Shanghai Banking Corp. (HSBC) are the joint lead arrangers for the offering. The selling agent for the bonds will be BPI Capital, while HSBC will serve as participating selling agent.  

In August 2020, the lender raised P21.5 billion through its COVID Action Response bonds that were oversubscribed by more than seven times versus the P3-billion target. The proceeds were used to finance lending for small businesses during the crisis. 

BPI’s third quarter net income inched up 3% year on year to P5.657 billion from P5.495 billion, as lower credit provision offset the decline in interest earnings. This brought its nine-month net profit up by 1.8% year on year to P17.5 billion. 

The bank’s shares went down by P2.25 or 2.42% to close at P90.65 apiece on Friday. — Luz Wendy T. Noble