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April 12, 2024

BPI prepares for US dollar bond offering, investor meetings begin

Bank of the Philippine Islands, the banking arm of the Ayala conglomerate, has commenced fixed income investor meetings for a potential US dollar notes issuance.

BPI said in a regulatory filing that it has mandated BPI Capital Corporation as sole global and lead arranger for the fixed investor meetings starting March 18, 2024.

BPI Capital is joined by JP Morgan Securities plc, Mizuho Securities Asia Limited, Standard Chartered Bank, and UBS AG Singapore as joint lead arrangers.

According to BPI, a Regulation S offering of US dollar-denominated senior unsecured debt securities may follow the investor meetings, subject to market conditions.

“The notes are expected to be rated Baa2 by Moody’s, and when issued, will constitute a drawdown under BPI’s medium term note program,” the bank said.