Milbank LLP advised BPI Capital Corporation, as sole global coordinator, and BofA Securities, HSBC, J.P. Morgan and UBS, as joint bookrunners, in connection with the issuance of US$500 million 5.00% 5-year notes and US$300 million 5.625% 10-year notes by Bank of the Philippine Islands ("BPI"). The issuances were drawn from BPI's US$3 billion medium term note programme.
The transaction marked BPI's largest issuance size in a single transaction. The notes are rated BBB+ by S&P.
Capital Markets partner Paul Pery led the Milbank team, which included associate York Wu, as well as support from James Warbey and Chris Burke in London.
Mr. Pery 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."
BPI is an affiliate of the Ayala Group, one of the Philippines' oldest and largest conglomerates, with interests in real estate, telecommunications, industrials, healthcare and education, among others.
