Bank of the Philippine Islands said Tuesday it will shorten its offer period for 1.5-year peso fixed-rate bonds due 2025 amid strong demand.
The bonds have an aggregate principal amount of P5 billion with option to upsize.
“The bonds have been met with strong interest from institutional, high-net-worth, and retail clients. As such, BPI will condense the bonds’ offer period to manage the overwhelming demand,” BPI said in a disclosure to the stock exchange.
The offer period began on Oct. 17, 2023 and will now end on Oct. 25, 2023—nine days ahead of the original end date of Nov. 3, 2023.
The planned issue and listing date of Nov. 13, 2023 remains unchanged.
Applications to purchase the bonds require a minimum investment amount of P1 million and additional increments of P100,000.
The net proceeds of BPI’s offering will be used for general corporate purposes, including funding source diversification.
BPI Capital Corp. and ING Bank N.V., Manila Branch are the joint lead arrangers and selling agents of the offer.
BPI and the joint lead arrangers reserve the right to update the offer terms, the periods and the dates as deemed appropriate and with due notice.