BPI Family raises P9.6 billion from maiden bond issue !-- -- Lawrence Agcaoili (The Philippine Star) - December 17, 2019 - 12:00am MANILA, Philippines A unit of Ayala-led Bank of the Philippine Islands (BPI) has raised P9.6 billion from its maiden bond issuance as investors swarmed the offering, prompting the country's largest thrift bank to upsize the original volume of P2 billion. BPI Family Savings Bank chairman and chief executive officer Cezar Consing said during the listing ceremonies at the Philippine Dealing and Exchange Corp.

(PDEx) the market could expect more issuance from the bank. "You are going to see more of this.

At the bank, we want to continue very much to grow and conserve our business which we are in charge of in the BPI Group," Consing said. The fund raising activity was almost five times oversubscribed and represents the country's largest thrift banks first ever foray into the capital markets.

"Amongst the many we've seen, this transaction in my mind stands out," Consing, who is also president and CEO of BPI, said. The thrift bank attributed the success of the fund raising activity to the robust demand from both institutional investors as well as retail clients.

Proceeds from the 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 president Maria Cristina Go said the bank's maiden issuance could not have come at a better time.

"We were aiming to raise P2 billion, instead we raise P9.6 billion, almost five times oversubscribed and having shortened the offer period by a week and a half. Call it good timing.

There was not only sufficient liquidity in the market but also demand for two and a half year tenor instrument," Go said. The bonds were priced at 4.

3 percent per annum last Nov. 21.

© Pakistan Press International, source Asianet-Pakistan