Metropolitan Bank & Trust Co. (Metrobank) has set the interest rate for its 1.5-year Series F ASEAN Sustainability peso-denominated bonds at 5.4727 percent per annum, the lender said Tuesday.
The bank plans to raise at least P5 billion with an oversubscription option from the fund raising activity. The offer period will run from March 17 to March 30, with the bonds expected to be issued and listed on the Philippine Dealing & Exchange Corp. on April 14.
Metrobank said proceeds from the bonds will help diversify its funding sources while supporting lending operations. In line with the bank’s sustainable finance framework, the funds are intended to finance or refinance eligible green and social assets that deliver environmental and social benefits.
The offering forms part of Metrobank’s issuances of bonds and commercial papers of up to P200 billion, which was approved by the bank’s board of directors in December 2021.
The minimum investment amount is P500,000 and additional investments will be accepted in increments of P100,000.
First Metro Investment Corp., ING Bank N.V. Manila Branch and Standard Chartered Bank are serving as joint lead managers and joint bookrunners for the transaction. Metrobank and the 3 institutions will also act as selling agents, while ING will serve as sustainability coordinator.
Other Philippine banks have issued sustainability-linked bonds this year, including BDO Unibank Inc. which raised P100 billion in January and Bank of the Philippine Islands which raised P50 billion in February.
