BANK of the Philippine Islands (BPI) has shortened the offer period for its 1.5-year Sustainable, Environmental, and Equitable Development (SEED) Bonds amid strong investor demand, it said on Wednesday.
“Following overwhelming demand across institutional, high-net worth and retail clients, the Bank of the Philippine Islands has decided to shorten the public offer period for its 1.5-year peso-denominated fixed-rate BPI Sustainable, Environmental, and Equitable Development Bonds,” BPI said in a disclosure to the stock exchange.
“The offer, which was originally set to run from July 19, 2024 to Aug. 2, 2024, will now close early on Aug. 1, 2024. The bank expresses its gratitude to the investing public’s strong support for the offer,” it said.
BPI is looking to raise at least P5 billion through the 1.5-year papers with an option to upsize.
It earlier said that net proceeds from the BPI SEED Bonds will be used to finance or refinance new or existing eligible green and/or social projects consistent with its Sustainable Funding Framework.
It added that it will use the offering as an opportunity to promote projects that contribute to the United Nations’ Sustainable Development Goals.
The Securities and Exchange Commission on July 18 confirmed that the BPI SEED Bonds qualify as ASEAN Sustainability Bonds.
The papers are priced at 6.2% per annum payable quarterly. The bank is selling the bonds for a minimum investment amount of P500,000 and additional increments of P100,000.
BPI will issue the SEED Bonds and list them on the Philippine Dealing and Exchange Corp. on Aug. 9.
The bank tapped BPI Capital Corp. and Standard Chartered Bank as the joint lead arrangers and selling agents for the bond offer.
BPI’s net income grew by 17.5% to P15.3 billion in the second quarter on the back of higher revenue growth.
Its shares dropped by 80 centavos or 0.66% to end at P121.30 apiece on Wednesday. — A.M.C. Sy
