Bank of the Philippine Islands (BPI) has increased the issue size of its Peso Fixed-Rate Bonds over four times the initial target of P5.0 billion to P20.3 billion in order to meet strong investor demand.
In a disclosure to the Philippine Stock Exchange, the bank said that the BPI Reinforcing Inclusive Support for MSMEs Bonds (BPI RISE Bonds), have a term of 1.5 years.
Approved by its Board of Directors on May 18, 2022, the BPI RISE Bonds were issued under the Bank’s P100 billion Bond Program.
Bankero, BPI President and CEO Jose Teodoro K. Limcaoco said that the bonds will help empower micro, small, and medium enterprises “to reach their full potential and succeed in their ventures.”
“The success of the bond offering brings BPI one step closer to realizing our vision of building a better Philippines — one family, one community at a time,” Limcaoco added.
In line with BPI’s Sustainable Funding Framework, the net proceeds of the offering will be utilized to finance or refinance the operational needs of qualified Micro, Small and Medium-Sized Enterprises (MSMEs).
The pre-issuance asset analysis was carried out by Sustainalytics, a multi-awarded worldwide ESG research, ratings, and data organization.