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Bank of the Philippine Islands raises US$300M in 1st green bond offering

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Bank of the Philippine Islands raises US$300M in 1st green bond offering

Bank of the Philippine Islands raised US$300 million in its first green bond offering.

The bonds will carry a coupon of 2.500% and will mature Sept. 10, 2024. The bonds were priced at 99.641 with a re-offer yield of 2.577%. The bonds were four times oversubscribed and the order book was allocated predominantly to Asia, and the rest to Europe.

The transaction is expected to settle on Sept. 10.

The bank said it will use the net proceeds from the offering to finance or refinance green eligible projects.

BPI Capital is the sole global coordinator for the transaction, while BPI Capital, Bank of America Merrill Lynch, Citigroup, Credit Suisse, Mizuho Securities and UBS are the joint lead managers and book runners for the transaction.