Bank of the Philippine Islands’ Maiden Bond Issuance Brings the Corporate Securities Market to PhP 1 TrillionPosted on: December 6, 2018
06 December 2018, Makati Philippines – Bank of the Philippine Islands listed its debut peso fixed rate bonds on the Philippine Dealing & Exchange Corp. (PDEx) organized secondary market. The PhP 25 Billion BPI Bonds, which form part of BPI’s PhP 50 billion bond and commercial paper program, is the largest single bond issue listed in PDEx.
This peso bond is BPI’s third fund raising in the capital markets this year. In April, BPI raised PhP 50 Billion in equity via rights offering while it raised $600 Million via debut US dollar bond in August.
BPI President and CEO Cezar P. Consing remarked: “The amounts raised indicate the confidence we have in our country and in ourselves; that we raised these amounts at compelling terms to us in a year when almost all financial assets globally registered negative returns, speaks to the strength and drawing power of BPI. More importantly, it speaks to our commitment to our country. The Philippines is on the roof and BPI is, as we have always done, stepping up to finance our country’s growth.”
BPI’s listing also set two milestones for the PDS Group, by being the inaugural bond issuance on the upgraded PDTC Fixed Income Registry System and bringing the Total Outstanding Face Amount of Corporate Securities listed on PDEx to PhP 1 Trillion.
This 25th listing for the year brings the year-to-date total of new listings to PhP 210.39 Billion, a 12% increase from the same period last year. This also makes 2018 a banner year with the highest volume of listings in a single year, exceeding the 2017 figure of PhP 207 Billion.
PDS Group Officer-in-Charge Ma. Theresa B. Ravalo and PDEx President and COO Antonino A. Nakpil expressed their gratitude to the entities that fueled the growth of corporate bonds, including the Securities and Exchange Commission (SEC), Intermediaries, and Issuers. They highlighted that the unity of purpose of all the stakeholders in supporting the principled approach to market development while nurturing investors, would sustain all PDS initiatives and guide the Group in assessing changes from the promise of new technologies or alternative structures and engagements.
The event was held at the PDS Assembly Hall and was graced by SEC Commissioner Ephyro Luis B. Amatong, BPI Directors and Officers including Chairman Jaime Augusto Zobel de Ayala, Director Ignacio R. Bunye, Director Octavio V. Espiritu, and Executive Vice President and Treasurer of Global Markets Segment Antonio V. Paner. It was also attended by the Issue Participants, The Hongkong and Shanghai Banking Corporation Limited President and CEO Graham Fitzgerald and BPI Capital Corporation President Reginaldo Anthony B. Cariaso. #