Philippine 100 peso bill (Photo credit: Wikipedia)Financial IQ Philippines Quick Hit(s):
Another bond offering with a 5.5% annual return from First Metro. In comparison, bank return rates for savings and time deposits are only approximately from 1% to 3%.
First Metro Investment Corp. (FMIC), the investment arm of the Metrobank group, has firmed up the terms for its P5-billion corporate bonds offering.
In a disclosure to the Philippine Stock Exchange (PSE), First Metro said its fixed-rate corporate bonds would come in two tenors: five years and three months, and seven years.
The offered price for the five-year three-months bonds would be 5.5 percent per annum, while the rate for the seven-year bonds would be at 5.75 percent per annum.
The bonds would come in minimum of P50,000 and increments of P5,000 thereafter.
The offering started yesterday (July 30) and would ends on Aug. 3, 2012. The issue date would be Aug. 10, 2012.
First Metro said they have an option to shorten the offer period.
Standard Chartered Bank has been appointed as the offering’s sole bookrunner and underwriter.
Incorporated in Aug. 30, 1972, First Metro started its operations as an investment house with quasi-banking functions in May 1974.
In 2000, Metropolitan Bank & Trust Co. bought a majority stake in Solidbank, and proceeded to merge with First Metro.
The resulting company from the merger, which was named First Metro Investment Corp., retained its quasi-banking license, with Bangko Sentral ng Pilipinas officially giving its nod on the merger on Nov. 8, 2000.
After the merger, First Metro became the first and only publicly listed investment bank in the Philippine Stock Exchange.
No comments:
Post a Comment