Metropolitan Bank & Trust Co. has listed the P23.7 billion fixed-rate bonds it recently raised on the Philippine Dealings and Exchange Corp.

Due to strong demand, the bond offering raised more than two times the intended issue size. This also prompted the bank to shorten its offer period for the 1.5-year bonds.

"The overwhelming response to our bond offering affirms that despite the uncertainties, there is still strong demand for high-quality issuers like Metrobank. Thank you to our loyal customers for 60 years of trust," said Fernand Antonio Tansingco, Metrobank senior executive vice president and head of the Financial Markets Sector. Metrobank celebrated its 60th anniversary this year.

"The demand from retail and corporate clients prompted us to increase our initial bond offering by more than two times beyond the P10 billion we announced to meet the very strong interest. The funds raised will mainly be used for the bank's general capital requirements, including refinancing of some maturing issuances," he added.

For his part, PDEx president and CEO Antonino Nakpil said, "It is fitting that Metrobank, the bank that pioneered bond issuance post the change in BSP regulations back in 2018, is the one that pushes the level of annual bond listings above the P400 billion milestone."

"The primary market is the bright spot for 2022, with the issuer community showing that it is back with a vengeance after a lackluster 2021. Corporate and bank issuers have kept the wheels of public financing rolling, and domestic investors have reciprocated with more than ample funds. Today's issue was 2.37 times larger than the original P10 billion planned, reflecting the continuous confidence of Metrobank's bondholders," Nakpil added.

The bonds will mature in 2024 and carry a coupon rate of five percent gross per annum, payable quarterly.

Metrobank's bond sale is part of its increased P200 billion Bond and Commercial Paper Program, approved by its Board of Directors last 15 December 2021.

First Metro Investment Corporation, ING Bank N.V. Manila Branch, and Standard Chartered Bank are the joint lead managers and book runners of the offer. Metrobank, together with First Metro, ING, and SCB, is the selling agent of this issuance.