MANILA, Philippines - Metropolitan Bank & Trust Co., the main banking unit of business tycoon George Ty, said it is issuing new Basel III-compliant Tier 2 notes.
In a disclosure to the Philippine Stock Exchange, Metrobank said it has set the public offer period for the notes from March 10 to 21, with the issue date targeted on March 27.
The bank, however, said it reserves the right to close the offer period earlier.
The new notes will have a tenor of 10 years and three months, with the bank having an option to redeem after five years and three months.
The bank has set the minimum investment size of P500,000 with increments of P100,000. Compliant with Basel III, the notes will have a loss-absorption feature.
Metrobank said proceeds from the issuance would be used to proactively manage its capital base in anticipation of stronger growth in the future.
It has commissioned ING Bank N.V., Manila Branch and Standard Chartered Bank as joint lead arrangers and selling agents for the issuance.
Its subsidiary, First Metro Investment Corp., on the other hand, will serve as limited selling agent.
Multinational Investment Bancorporation will serve as market maker and selling agent.
Metrobank is the country’s premier universal bank and has the largest domestic network of 856 branches and over 1,900 automated teller machines (ATMs) nationwide, and 33 foreign branches, subsidiaries and representative offices.