BPI swamped by demand, shortens offer period for 6.2% bonds

Due to high demand from big institutions, wealthy clients, and regular investors, the Bank of the Philippine Islands (BPI) is shortening the offer period for its new bonds. 

These bonds are called BPI Sustainable, Environmental, and Equitable Development Bonds (BPI Seed Bonds), worth at least ₱5 billion, with an option to increase. 

The offer, initially scheduled from July 19 to Aug. 2, 2024, will end a day early on Aug. 1 this year, the Ayala Group-led lender said in a stock exchange filing. 

The 1.5-year will be issued at face value with an annual interest rate of 6.2 percent  paid every three months. 

The bonds will still be issued and listed on August 9, 2024, on the Philippine Dealing and Exchange Corp. BPI Capital Corporation and Standard Chartered Bank are leading the arrangement and sales of this offer.