Metropolitan Bank & Trust Company said it raised P10.5 billion from a peso-denominated note issue paying out 3% per annum, noting that the offer period was cut short due to strong demand.

The 1.25-year issue pays out quarterly, the bank said in a filing with the bourse Friday.

“Initial offer period of June 3 to 16 was cut short and closed within a day on strong investor demand from both institutional and retail clients, indicating the market’s continued confidence in the bank amidst the current economic situation,” Metrobank said.

The offering represents the sixth tranche of Metrobank’s P100 billion bond and commercial program.

The notes are set to be listed at the Philippine Dealing and Exchange Corp. on June 24.

Joint lead arrangers for the issue were First Metro Investment Corp., ING Bank-NV Manila, and Standard Chartered Bank.

Metrobank has issued P70.5 billion worth of bonds since November 2018.

The bank’s net profit fell 9.33% to P6.1 billion in the first quarter as it increased loan-loss provisioning due to the pandemic.

Gross operating revenue rose 13% to P27.6 billion.

Metrobank shares closed at P41.50 Friday, down P1.50 or 3.49%.