MetroBank launches first Philippine hybrid debt deal

Philippine domestic bank to issue hybrid tier 1 deal to bolster capital under new accounting standards.
MetroBank, the Philippines largest lender in terms of assets, kicked off roadshows in Hong Kong for its debut $125 million hybrid tier 1 offering yesterday February 6. Under the lead of UBS, management will meet with investors in Singapore today before wrapping up with a final investor presentation in Manila on Wednesday.

The deal has a perpetual non-call ten-year structure, with a step-up coupon.

Bankers expect the deal to price at a premium to similar structured offerings from comparably rated countries such as Brazil, where transactions price around the 10% range. Unlike most perpetuals, this deal is not expected to carry a private banking distribution rebate, which is somewhat standard on this...

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