MANILA, July 22 (PNA) – – Ty-led Metropolitan Banking Corporation (Metrobank) started Tuesday the offering of its new series BASEL 3-compliant Tier 2 notes.
In a disclosure with the Philippine Stock Exchange (PSE) Tuesday, Metrobank said the 11-year debt instrument will be offered until July 28 but noted that the offer period “can be adjusted by the Bank subject to market and other conditions.”
This is the second time the bank will be issuing similar notes after it raised P6 billion of the same instrument last March.
The Tier 2 notes have a call option after six years and a coupon rate of 5.25 percent annually.
Its issuance is part of the bank’s bid to beef up capital, which is generally what the industry is doing to better service the domestic market.
Metrobank tapped ING Bank N.V. Manila branch and Standard Chartered Bank as joint lead arrangers and selling agents for this issuance.
Metrobank will serve as a limited selling agent while Multinational Investment Bancorporation will serve as market maker and selling agent.
At the end of the first quarter of 2014, the bank’s consolidated resources reached Php1.4 trillion and its BASEL 3 capital adequacy ratio stood at 16 percent. (PNA)