• Metropolitan Bank & Trust Co. says it raised $1B after concluding a two-part bond sale in the international market.
• 5-year and 10-year bonds were priced at 110 basis points and 130 bps above the benchmark U.S. Treasury notes, carrying fixed coupon rates of 5.375% and 5.50%, respectively, Philippine lender also called Metrobank says in disclosure to local stock exchange
• Final order book was more than 11 times oversubscribed, reaching $5.6b from investors globally; issue is part of Metrobank’s $2b medium-term note program
• Proceeds will be used to diversify the bank’s funding sources and establish a benchmark for Philippine bank credit in the international capital markets
• Metrobank is the first private bank to issue a long-dated 10- year bond
• 5- and 10- year bonds rated by Moodys at Baa2 investment grade rating