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Metrobank to raise 5B Philippine pesos in bond issue

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Metrobank to raise 5B Philippine pesos in bond issue

Metropolitan Bank & Trust Co. is looking to raise at least 5 billion Philippine pesos via bonds.

The notes will have a tenor of at least 3.5 years and set to be priced using the applicable interpolated PHP BVAL Reference Rate benchmark, the lender said in a Sept. 10 release.

This will be the fourth tranche of the bank's 100-billion peso bond and commercial paper program, with the tranche's final issue size, terms and time of issuance subject to market conditions.

ING Bank NV's Manila branch and Standard Chartered Bank are joint lead arrangers for the exercise.

As of Sept. 9, US$1 was equivalent to 51.87 Philippine pesos.