Ayala-led Bank of the Philippine Islands (BPI) is raising at least P3 billion from a pioneering bond issue dedicated to coronavirus (COVID-19) response efforts.
The two-year COVID Action Response or “CARE” bonds were priced to yield 3.05 percent per annum, BPI disclosed to the Philippine Stock
This is the country’s first peso-denominated bonds to be issued as a direct response to the COVID-19 pandemic.
The CARE Bonds will be issued as the third tranche of BPI’s P100-billion bond program.
BPI aims to raise at least P3 billion from the bond offering, which will run from June 22, 2020 until July 17 this year, while the issue and listing date of the CARE Bonds will be on August 7, 2020.
Proceeds will be used to finance and refinance eligible micro, small and medium enterprises (MSMEs) under the bank’s Sustainable Funding Framework.
The SEC has confirmed that the CARE Bonds qualify as social bonds under the Association of Southeast Asian Nations (ASEAN) social bonds standards in the Philippines.
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