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BPI sets up MTN program to raise up to $2 billion

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AFP

Bank of the Philippine Islands (BPI) has established a dollar-denominated medium-term note (MTN) program to maximize flexibility in raising capital.

The MTN program was successfully established by the Ayala-led bank in an aggregate amount of up to $2 billion or its equivalent in other currencies, BPI said in a regulatory filing Friday, June 22.

Last week, BPI said its board of directors has approved the move on setting up a note facility “to maximize flexibility in accessing funding expediently.”

Banks usually employ a note facility to raise more capital to fund its programs and operation by issuing medium-term notes.

BPI has tapped BPI Capital as sole global coordinator and lead arranger for the program, while Deutsche Bank, HSBC and J.P. Morgan will serve as joint lead arrangers. — Karl Angelo N. Vidal

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