The Bank of the Philippine Islands (BPI) said yesterday it has mandated BPI Capital Corp. as the sole global coordinator for issuing Regulation S five-year and 10-year dollar-denominated senior notes.
The bank has also tapped BofA Securities, HSBC, JP Morgan, UBS and BPI Capital as joint book-runners.
The notes issue will be drawn from BPI’s $3 billion medium-term note program.
The notes were assigned a BBB+ rating by S&P Global Ratings.
“This reflects our expectation that these notes will always rank equally with other senior unsecured obligations of the Philippines-based bank. The notes will constitute the bank’s direct, unconditional, unsecured, and unsubordinated obligations,” S&P Global Ratings said.
Regulation S refers to rules governing offers and sales of securities made outside the United States without registration under the Securities Act of 1933. Regulation S notes are securities sold in offshore transactions, relying on Regulation S of the US Securities Act.
BPI tapped SyCip Salazar Hernandez & Gatmaitan as its legal adviser. At the same time, Romulo Mabanta Buenaventura Sayoc & de Los Angeles will serve as the joint book-runners legal adviser under Philippine law.
“As regards English law, the legal adviser of the joint bookrunners is Milbank (Hong Kong) LLP,” BPI said.
No further details have been made available as of press time.
