BPI sets up roadshows in Hong Kong and Singapore for offshore bond sale

Bank of the Philippine Islands (BPI) has unveiled plans to tap the offshore bond market, setting up roadshows in Hong Kong and Singapore starting this week.

In a regulatory filing submitted by BPI Assistant Corporate Secretary Josenia Jessica Nemeno, the bank said it has arranged meetings with possible investors starting for the planned issuance.

The lender has tapped BPI Capital as sole global coordinator and joint bookrunner, and Deutsche Bank, HSBC, and J.P Morgan as joint bookrunners to arrange the fixed income investor meetings.

The meetings are scheduled to start on Friday, August 24, after which the bank said it plans to issue Regulation S dollar-denominated securities.

“A Regulation S offering of US dollar-denominated senior unsecured debt securities may follow, subject to market conditions,” the filing read.

A Regulation S issuance refers to securities which are not required to be registered under the United States Securities Act.

“The securities of BPI are not being registered under the US Securities Act of 1933, as amended and may not be offered or sold in the United States unless registered under the Securities Act or pursuant to an exemption from such registration,” the filing read.

“There will be no public offering of the securities of BPI in the United States,” it said.

GMA News Online has contacted BPI for more details regarding the timeline and the value of the planned issuance, but the bank has not responded as of this posting.

The bank reported a 5.7-percent drop in net income to P11.03 billion during the first semester of the year, citing declines in income from securities trading, trust and investment management, and asset sales.

As of 11:30 a.m. on Thursday, BPI shares were up P1.25 or 1.37 percent at P92.35 per share. —VDS, GMA News