BPI raises Php3.1 billion from high-yielding deposits

bpi high-yielding deposits
In Photo From left: HSBC Philippines President and CEO Graham FitzGerald, BPI Corporate Banking head John-C Syquia, BPI Capital President Rhoda Huang, BPI Director Ignacio Bunye, BPI President and CEO Cezar Consing, BPI Treasurer and head of Global Markets, Philippine Depository and Trust Corporation President (PDTC) and CEO Ma. Theresa Ravalo, Philippine Dealing and Exchange Corporation (PDEx) President and CEO Antonino Nakpil, and BPI Head for Asset and Liability Management of Global Markets Dino Gasmen.
Credits to BPI.

The Bank of the Philippine Islands (BPI) has issued Php 3.1 billion of Long-Term Negotiable Certificates of Time Deposit (LTNCTDs) that are now listed and tradable on the Philippine Dealing & Exchange Corp.

This LTNCTD issuance represents BPI’s third foray into the capital markets in 2019, following its USD green bond issuance amounting to USD300 million and its Swiss Franc green bond issuance amounting to CHF100 million earlier in the year.

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“This capital raise will help finance the growth of a loan book that, with every passing quarter, becomes a bit more green, a bit more sustainable,” said BPI President and CEO Cezar P. Consing.

The issuance was priced on October 4, 2019, at 4.00% p.a. payable quarterly, representing a discount of 34.7 basis points from the five-year BVAL on pricing date. The LTNCTDs have a tenor of five and a half (51⁄2) years. The public offer period of the LTNCTDs ended on October 18, 2019.

The Hongkong and Shanghai Banking Corporation, Limited is the sole arranger and participating selling agent while BPI Capital Corporation is the sole selling agent.

LTNCTDs are peso-denominated certificates of time deposit with a minimum maturity of five (5) years and are negotiable in the secondary market.

Historically, LTNCTDs offer higher interest rates than regular deposits. LTNCTDs are also insured with the PDIC subject to applicable rules and regulations on maximum insurance coverage.

BPI had recently earned recognition from 3 Asian award-giving groups and was also named the Best in Class at the CFA Society Awards.

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