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Bank of the Philippine Islands, the financial services arm of the Zobel-led Ayala Group, is planning to raise funds from the overseas debt market through an offering of foreign exchange derivatives (FXD) or floating rate notes (FRN).
In a disclosure to the Philippine Stock Exchange, the bank said it has mandates subsidiary BPI Capital Corporation as Sole Global Coordinator alongside BofA Securities, HSBC, J.P. Morgan and UBS1, as Joint Bookrunners to arrange a series of fixed income investor meetings commencing today, March 26, 2025.
It added that, “A U.S. dollar-denominated benchmark-sized Regulation S offering of 5-year FXD and/or FRN and/or 10-year FXD senior notes may follow, subject to market conditions.”
The Notes are expected to be rated BBB by Standard & Poor’s, and when issued, will constitute a drawdown under BPI's $3 billion Medium Term Note Programme.
The legal adviser of the Issuer as to Philippine law is SyCip Salazar Hernandez & Gatmaitan, and the legal adviser of the Joint Bookrunners as to Philippine law is Romulo Mabanta Buenaventura Sayoc & de los Angeles. As regards English law, the legal adviser of the Joint Bookrunners is Milbank (Hong Kong) LLP.
BPI reported a 20 percent year-on-year growth in net income to ₱62 billion for 2024, driven by higher revenues and partly offset by higher operating expenses and provisions.
For the fourth quarter of 2024, the bank recorded a net income of ₱14.1 billion, up eight percent year-on-year, on higher revenue growth.
BPI generated a robust revenue of ₱170.1 billion, up 23 percent from the previous year, attributable to the 22.3 percent increase in net interest income to ₱127.6 billion as average asset base expanded 16.8 percent and net interest margin widened 22 basis points (bps) to 4.31 percent.
Further boosting revenues was the 25.3 percent increase in non-interest income to P42.6 billion, driven by higher income from the credit card, wealth management and bancassurance businesses, as well as gains from securities trading.
