Philippines banks mandate sub debt

Metrobank launches the Republic''s first public subordinated debt issue as Equitable-PCI mandates a December deal.

UBS Warburg will lead manage both transactions, with Deutsche Bank joining it as joint bookrunner for Equitable-PCI, the Philippines' third largest bank by assets, which hopes to bring a transaction about a month after Metrobank, the country's largest.

Roadshows for a 10 non-call five transaction by Ty family-owned Metrobank will begin next Wednesday in Manila, followed by Singapore and Hong Kong over Thursday and Friday, then Europe the week after. Pricing of the $100 million to $150 million Reg S deal is provisionally scheduled for Wednesday November 20.

The lower tier 2 transaction marks the Republic's first public subordinated debt transaction since the central bank formulated regulations at the end of last year and...

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