Bank of the Philippine Islands' issues $373m fixed-rate bonds due 2024

BPI Rise Bonds have an interest rate of 5.75% per annum.

The Bank of the Philippines Islands (BPI) has issued $373.3m (PHP20.3b) fixed-rate bonds due 2024, the bank announced in a filing at the Philippine Stock Exchange. This is four times higher than the initial target of PHP5b.

The bonds, called the BPI Reinforcing Inclusive Support for MSMEs Bonds or BPI RISE Bonds, have a term of 1.5 years. The bonds bear an interest rate of 5.75% per annum, payable quarterly, and are now tradable on the Philippine Dealing & Exchange Corp. (PDEx).

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The BPI RISE Bonds were issued under the Bank’s ₱100 Billion Bond Program, approved by its Board of Directors on 18 May 2022.

Net proceeds will be used to finance or refinance the business requirements of eligible MSMEs, BPI said.

(US$1 = PHP54.368. Conversion from Bangko Sentral ng Pilipinas (BSP) website; as of 30 January 2023)

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