State-run Development Bank of the Philippines (DBP) headed by bankero Emmanuel Herbosa returned to the domestic bond market and raised P12 billion
The bankero said the bond issuance is in line with the DBP’s continuing efforts to advance sustainable growth through responsive development financing interventions.
“We at DBP are greatly pleased to share with you the news that the bond issue was again warmly and widely received by the market. With this, I am glad to say that the bank has further reinforced its wherewithal for making tailored-fit development financing solutions more responsive and accessible to our stakeholders,” Herbosa said.
Herbosa added that “DBP remains committed to provide top-notch financial and banking services to all our stakeholders, not losing sight of our ever-hopeful vision to usher in growth for Filipinos nationwide.”
DBP’s 2.5-year fixed rate bonds with an interest rate of 4.05 percent was four times oversubscribed as the original offer size was P3 billion. The bonds were listed on the Philippine Dealing & Exchange Corp. (PDEx) last May 4.
“With this bond initiative we vow to ensure that we shall preserve, sustain, and take care of the bank’s value up until – and especially even after – this ongoing public health crisis blows over,” Herbosa said.
PDEx president and CEO Antonino Nakpil happily welcomed DBP back for enrollment, the last one taking place in 2020.
“DBP was the second bank to issue a Sustainability Bond under its SEC-compliant and ASEAN+3 compliant Sustainability Principles. This was a natural fit given its many developmental initiatives that would easily qualify under the use of proceeds terms of these so-called thematic programs,” Nakpil said.
Nakpil added that DBP’s activity in the fixed income markets extends beyond being a bond issuer, but was also recognized as one of the Top 5 Dealing Participants for 2021 during the Annual PDS Awards.”
DBP is the fifth-largest bank in the country in terms of assets and provides credit support to four strategic sectors of the economy – infrastructure and logistics; micro, small and medium enterprises; environment; social services and community development.