Metropolitan Bank & Trust Company Announces Pricing of USD 500 Million 2.125% 5.5-Year Senior Unsecured Fixed Rate Notes
July 08, 2020 at 01:58 am
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Metropolitan Bank & Trust Company announced that it has priced a USD denominated Reg-S 5.5-year offering at an aggregate principal amount of USD 500 million with a fixed coupon of 2.125% payable semi-annually. Metrobank is rated Baa2 Stable by Moody's and BBB-Stable by Fitch. The Notes were priced at US Treasury spreads of T+200 bps, after initial price guidance of T+235 bps area. The order book was in excess of 5x times oversubscribed with 120 investors at its peak. This reflects the strong confidence investors' have in Metrobank's credit. In terms of distribution, the order book was allocated predominantly to Asia (81%), and the remaining to EMEA (19%). The issuance of the Notes represents the first senior notes of Metrobank in the international capital markets, matching the lowest coupon for a Philippine borrower. Upon issuance, the net proceeds from the bonds will be used to tap longer-term offshore funding, diversify Metrobank's funding sources and finance maturing short-term borrowings.
Metropolitan Bank & Trust Company (the Bank) is a Philippines-based universal bank. The Bank and its subsidiaries are engaged in all aspects of banking, financing, leasing and stock brokering. Its diverse product portfolio includes investment banking, thrift banking, leasing and financing, bancassurance, and credit cards. The Bank provides products and services, such as deposit, loans and trade finance, credit card products, programs and facilities, electronic banking facilities, cash management, domestic and foreign fund transfers, treasury products, remittances, institutional fund-management, private banking and trust services. It offers a full range of services to large local and multinational corporations, middle-market, and small and medium-sized enterprises (SMEs), high net-worth individuals and the retail segment. It has 952 branches, 1,292 automated teller machines (ATMs) in the branches (on-site) and 1,028 ATMs in other locations (off-site).