METROPOLITAN Bank and Trust Co. (Metrobank) will offer at least P10 billion in fixed-rate bonds with an option to upsize a tenor of 1.5 years and an interest rate of 5 percent per annum — payable quarterly.

The minimum denomination is P500,000 in increments of P100,000 and the offer period will run from October 6 to Oct. 19, 2022. The bonds will be listed on the Philippine Dealing Exchange, and the proceeds will be used for general working capital.

First Metro Investment Corp., ING Bank N.V. Manila and Standard Chartered Bank are the joint lead managers, joint bookrunners and selling agents of the bond offering.

The issuance is part of Metrobank’s increased P200-billion bond and commercial paper program, as approved by its board of directors last Dec. 15 2021.

To diversify its funding sources and finance the refinancing of maturing debts, Metrobank quadrupled the size of its bond and commercial paper program to P200 billion last December.

“The objective of the program is to refinance maturing issuances and diversify the bank’s PHP (Philippine peso) funding sources over the next three years while supporting the bank’s lending activities.”