BPI eyes $3-B U.S. debt notes
Bank of the Philippine Islands (BPI) announced a plan to offer US dollar-denominated fixed-income senior unsecured notes under its $3-billion medium-term note program.
In a report to the bourse on Wednesday, BPI said it started investor meetings on 26 March to sell five-year and/or 10-year notes.
The notes are categorized under Regulation S which means securities acquired outside the United States may be resold in that country only if they are registered under the state law or an exemption from registration is available.
S&P Global Ratings marked the BPI notes with “BBB+” or above the minimum investment grade. This affirms the bank’s adequate capacity to meet financial commitments, although BPI is seen as more subject to adverse economic conditions compared to those “A” rated firms.
BPI Capital Corporation acts as the global coordinator for the investor meetings, while bookrunners are BofA Securities, HSBC, JP Morgan, and UBS.
The BPI announcement on the capital-raising activity came after the Ayala-owned bank registered a P62-billion profit for the entire year of 2024, marking a 20 percent growth year-on-year.
Total loans hit P2.3 trillion, up by 18 percent due to transactions by both BPI and Robinsons Bank clients.
On 1 January 2024, BPI implemented its acquisition of the Gokongwei-owned Robinsons Bank.
