Its initial target was at $190m.
Metropolitan Bank & Trust Co. (Metrobank) clinched a total of $340m (PHP17.5b) via fixed-rate, three-year bonds, which is higher than its initial target of $190m (PHP10b), reports BusinessWorld.
“The oversubscription of the bonds also allowed Metrobank to price at the tighter end of the indicative price guidance,” the bank said in a regulatory filing, noting that the bonds will be issued on the Philippine Dealing and Exchange Corporation on 11 April. The three-year bonds carry a coupon rate of 6.3% to be paid quarterly until April 2022.
In 2018, Metrobank recorded a 21% YoY jump in its net income of $420m (PHP22b) bolstered by healthy loan growth.
Meanwhile, China Bank disclosed that it will issue $1.44b (PHP75b) worth of retail bonds to support its initiatives and expansion. The bank noted that the corporate bond programme comes along their intention to participate in the government’s infrastructure initiatives.
In August, the Bangko Sentral ng Pilipinas (BSP) simplified the process for banks to raise funds through funds, as part of streamlined rules to deepen capital markets. With this, other banks such as BDO Unibank, Rizal Commercial Banking Corporation (RCBC), and the UnionBank of the Philippines have also recently raised capital through bonds to help them through expansion plans.
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