BW FILE PHOTO

BANK of the Philippine Islands (BPI) is looking to raise at least P5 billion from its offer of 1.5-year peso-denominated bonds, it said on Tuesday.

The rate for the papers is at 6.425% per annum, the bank said in a statement.

BPI has the option to upsize the issuance. The minimum investment amount is at P1 million and in increments of P100,000 thereafter.

The offer period began on Tuesday and is scheduled to end on Nov. 3, unless changed by the bank.

Net proceeds from the bonds will be used for general corporate purposes and to help diversify the bank’s funding sources, BPI said.

The bonds make up the second tranche of the bank’s P100-billion bond program approved by its board in May 2022.

The papers will be issued and listed on the Philippine Dealing and Exchange Corp. on Nov. 13.

BPI Capital Corp. and ING Bank N.V. Manila are the joint lead arrangers and selling agents of the offer.

BPI saw its net income rise by 4.5% year on year to P13 billion in the second quarter amid higher revenues.

This brought its first-half attributable net profit to P25.15 billion, up by 23.02% year on year.

BPI’s shares went up by P1.60 or 1.51% to end at P107.80 apiece on Tuesday. — AMCS