BPI Family Savings Bank exceeds maiden bond issuance target, raises Php 9.60 billion

HSBC Philippines
BPI Family Savings
( L-R) Corrie dela Cruz – Purisima – Head, Debt Capital Markets HSBC; Rhoda Huang – President, BPI Capital Corp; Lionel Leonen – Head, BFSB Treasury; Maria Cristina L. Go – President, BPI Family Savings Bank; Jose Teodoro K. Limcaoco – CFO, Ayala Corp; Antonio V. Paner – Treasurer, BPI; Antonino A. Nakpil – President and COO, PDEx (Philippines Dealing & Exchange Corp; Dino R. Gasmen – Head, Global Market Asset & Liability Management Division. Photo from BPI.

BPI Family Savings Bank (BFSB) has issued Php 9.60 billion of bonds and listed them on the Philippine Dealing & Exchange Corp. (PDEx). The Bonds, which can now be traded in PDEx, are more than four times oversubscribed and represents BFSB’s first-ever foray into the capital markets.

The Bank attributes this to robust demand from both institutional investors as well as retail clients. The proceeds from this issuance will support BFSB’s drive to diversify its investor base and fund its asset expansion, particularly loan growth, digitalization initiatives, and general corporate purposes.

“BFSB has always been committed to help Filipino families achieve their dreams sooner, rather than later. We set the bonds at a comparatively low initial investment price and increments so that more Filipinos can gain from this investment instrument,” said BFSB President Maria Cristina L. Go.

BFSB, the wholly-owned thrift bank and consumer lending arm of the Bank of the Philippine Islands (BPI), priced its maiden bond issuance on November 21, 2019, at 4.30% p.a., with an initial issue size of Php 2.00 billion. Its Offer Period began on November 25, 2019, and was cut short by a week and a half, ending on November 27, 2019, owing to robust demand.

BPI Capital Corporation (BPI Capital) is the Sole Selling Agent, while The Hongkong and Shanghai Banking Corporation Limited is the Sole Arranger and Participating Selling Agent of this deal. Land Bank of the Philippines – Trust Banking Group is the appointed Trustee for this bond issuance.

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