Milbank Advised On BPI’s US$800 Million Dual-Tranche Notes Offering
This is BPI’s largest issuance size in a single transaction. Standard & Poor has rated the notes BBB+.;
Milbank Advised On BPI’s US$800 Million Dual-Tranche Notes Offering
This is BPI’s largest issuance size in a single transaction. Standard & Poor has rated the notes BBB+.
Milbank LLP has advised BPI Capital Corporation as sole global coordinator; and BofA Securities, HSBC, J.P. Morgan and UBS as joint bookrunners; with respect to Bank of the Philippine Islands’ (BPI’s) issuance of US$500 million 5.00% 5-year notes and US$300 million 5.625% 10-year notes. The issuances were drawn from the US$3 billion medium term note programme of BPI.
This is BPI’s largest issuance size in a single transaction. Standard & Poor has rated the notes BBB+.
The Milbank team was led by Capital Markets Partner Paul Pery and included Associate York Wu and legal manager Samantha Monzon with support from James Warbey and Chris Burke in London.
Pery reportedly said: "We are delighted to have advised on this significant transaction for BPI, which demonstrates the bank's strong standing in the international capital markets. The successful dual-tranche offering attracted high-quality investors and achieved impressive pricing compression, reflecting investor confidence in BPI's credit profile."
An affiliate of the Ayala Group, BPI is one of the Philippines' oldest and largest conglomerates with interests in real estate, telecommunications, industrials, healthcare and education, among others.
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