METROPOLITAN Bank & Trust Co. (Metrobank) is looking to raise an additional P5 billion through another tranche of fixed-rate bonds, following a fresh offering earlier this month.
In a disclosure on Friday, the Ty-led lender said they will be reopening bids for two-year bonds to investors as they are eyeing to maximize the strong demand from their offering which ended early November.
“Metrobank will reopen to the public its existing P10 billion two-year 7.15% fixed rate bonds due 2020 issued on November 9, 2018 and currently listed on PDEx (Philippine Dealing and Exchange Corp.),” the bank told the Philippine Stock Exchange.
Investors may tap the fresh bond float, which will be issued on Dec. 17, from Nov. 28 to Dec. 7.
This follows Metrobank’s issued bonds which were listed on Nov. 9. From an initial P2-billion target, the bank upsized its issue size to P10 billion as ordered reached as much as P19.635 billion.
The bank is the first to avail of new rules released by the Bangko Sentral ng Pilipinas, which allows lenders to tap the capital markets via bond floats without securing prior regulatory approval.
These form part of the lender’s P100-billion fundraising program via bonds and commercial papers.
Standard Chartered Bank acted as the sole arranger, selling agent and market maker for the transaction. Metrobank and First Metro Investment Corp. were also selling agents, while Union Bank of the Philippines was another market maker.
In October, Metrobank also raised P8.68 billion from offering long-term negotiable certificates of deposit. The notes will mature in 5.5 years and carry a 5.375% rate, to be paid quarterly.
Metrobank saw its net income surge to P5.7 billion in the third quarter, 55% higher from a year ago.
Shares in Metrobank closed at P72.10 on Friday, 0.14% higher from the previous day. — Melissa Luz T. Lopez