Milbank LLP advised BPI Capital Corporation, as sole global coordinator, and Deutsche Bank, HSBC and J.P. Morgan as joint lead managers and joint bookrunners, in connection with the issuance of US$600 million 4.25% notes due 2023 by Bank of the Philippine Islands (“BPI”). The issuance was a drawdown from BPI’s US$2 billion medium term note program established in June 2018.
The transaction marked the largest maiden international bond issuance by a Philippine bank, and the issue size was increased from initial guidance as a result of strong investor demand. The notes are listed on the Singapore Stock Exchange and have an issue rating of Baa2 from Moody’s.
Capital Markets partner James Grandolfo and counsel Paul Pery led the Hong Kong-based Milbank team, which included associate Ari Singzon.
Mr. Grandolfo said: “We are incredibly pleased to have advised on this landmark transaction, which was executed quickly as regional investors returned from summer holidays. The success of BPI’s bond issuance is also a testament to its standing as one of the premiere universal banks in the Philippines.”
Mr. Pery added: “Milbank is delighted to have assisted BPI on this transaction, which was greatly received by the market and allows BPI to diversify its liquidity sources and lengthen the maturity profile of its borrowings.”
BPI is an affiliate of the Ayala Group, one of the Philippines’ oldest and largest conglomerates, with interests in real estate, telecommunications, water services, industrials, healthcare and education, among others.
