DBP nets P11B in dual bonds offering

2 months ago 26

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THE Development Bank of the Philippines (DBP) has raised P11 billion through its latest local bond issuance, exceeding the minimum offer size of P2 billion by 5.5 times, according to DBP President and CEO Michael de Jesus.

"This successful issuance underscores the market's trust in DBP as a government financial institution and enables us to diversify funding sources while boosting lending activities in support of the Marcos Administration's economic agenda," de Jesus said.

DBP, the 10th-largest bank in the Philippines by assets, supports key sectors of the economy, including infrastructure, logistics, micro, small and medium enterprises (MSMEs), environment, social services, and community development.

The bonds consist of the Fixed Rate Series 6A Bonds, with a 1.5-year tenor at a 6.0503 percent interest rate, and the Fixed Rate Series 6B Bonds, with a three-year tenor at 6.1294 percent.

Both are enrolled and traded through the Philippine Dealing and Exchange Corp.

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This issuance marks the sixth tranche under DBP's P150-billion bond program, with proceeds intended for financing loans or supporting the bank's operations.

De Jesus noted that this is the first time DBP offered two-tenor bonds.

"The bank is committed to offer tailored solutions to meet the diverse needs of its investors while also supporting its critical development goals," he added.