BPI looks to raise at least $300M from planned dollar bond offering

BANK of the Philippine Islands (BPI) is looking to raise at least $300 million from an offering of dollar-denominated bonds.

- Aaron Michael C. Sy

The bank has tapped BPI Capital Corp., as sole global coordinator, along with joint bookrunners BofA Securities, Inc., The Hongkong and Shanghai Banking Corp. Ltd., JPMorgan Chase & Co., and UBS AG to arrange a series of fixed income investor meetings starting Wednesday for a potential bond issuance, it said in a disclosure to the stock exchange.

“A US dollar-denominated benchmark-sized Regulation S offering of five-year fixed rate and/or floating rate and/or 10-year fixed rate dollar notes may follow, subject to market conditions,” BPI said.

The bonds will be issued out of BPI’s $3-billion medium-term note program, it said.