BPI UPSIZES LTNCTD OFFER ON STRONG DEMAND

THE Bank of the Philippine Islands ( BPI) issued on Friday the largest volume of Long- Term Negotiable thus far as strong demand prompted the bank to upsize its initial offering of P5 billion to P12.2 billion.

The LTNCTDs were also listed on the Philippine Dealing Ex instrument listed by BPI on the

The listing allows investors to negotiate the instrument in the secondary market.

investors in BPI,” BPI President Consing said in a statement.

“The success of this offer will help us in our expansion plans as we continue to focus on shareholder value by pursuing - ability,” he added.

of the P30 billion LTNCTD issuance program approved by the Bangko Sentral ng Pilipinas (BSP) for BPI.

In addition to supporting its expansion plans, the issuance will diversify its funding sources while offering investors an attractive investment instrument, BPI said.

The LTNCTDs have a tenor of on May 24, 2023 and an interest rate of 3.75 percent per annum, payable quarterly.

LTNCTDs are peso- denomi years and are negotiable in the secondary market.

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

ING Bank N.V., Manila Branch was tapped as the sole arranger for this issue and also acted as selling agent together with BPI Capital Corp. and BPI.