Bank of the Philippine Islands confirmed a media report that it plans to raise funds via an offshore issuance U.S. dollar bonds in 2019.
According to the Aug. 16 report from The Philippine Star, the bank's CFO, Maria Javier, said the bank would raise less than US$500 million via U.S. dollar bonds, noting that the amount to be raised will also be lower than the US$600 million it raised in September 2018 via an issuance of unsecured fixed-rate notes.
The bank is in talks with potential arrangers and underwriters, and details of the planned issuance will be announced in due course, Javier said.
The proceeds from the proposed issuance will be used to manage the bank’s funding mix, the publication reported.
