BPI plans $300M bond issuance for refinancing

Ayala-led Bank of the Philippine Islands (BPI) is planning to raise at least $300 million through a dollar-denominated bond issuance, returning to the offshore debt market after fixed income investor meetings held starting Wednesday.

The bank intends to issue five- and 10-year Regulation S senior unsecured fixed-rate notes under its existing $3-billion medium-term note program, with pricing expected within the day.

BPI Capital Corp. is the sole global coordinator for the issuance, while Bank of America Securities, HSBC, JP Morgan, and UBS AG are joint bookrunners.

Proceeds from the bond issuance will be used 'for refinancing and general corporate purposes,' according to BPI.

S&P Global Ratings has assigned a BBB+ rating to the notes, in line with BPI's issuer rating.