Orix raises P4.16B from bond offering
Credit to Author: Tyrone Jasper Piad| Date: Tue, 29 Oct 2019 17:22:11 +0000
Orix Metro Leasing & Finance Corp. has raised P4.16 billion from its maiden bond offering after being oversubscribed more than twice during the offer period.
In a statement on Tuesday, the joint venture of Metropolitan Bank and Trust Co. (Metrobank) and Japanese financial firm Orix Corp. said there was a “strong demand” over the offering.
The offer carries a tenor of two years and 4a .55-percent annual coupon rate. It is the
firm’s first tranche under its P10-billion bond program.
The issuance and listing of the bond on the Philippine Dealing and Exchange is on November 15.
“We are very happy with the overwhelming reception on this landmark transaction, Orix Metro’s debut in the public debt capital markets. This is a testament to the investing public’s trust and confidence in Orix Metro’s financial strength and ability to meet financial obligations,” said Daniel Camacho, executive vice president of First Metro Investment Corp., the investment banking arm of Metrobank.
Orix attributed the success of the offering to Metrobank’s network, which helped identify the target markets for the debt issuance.
First Metro and Metrobank are the selling agents of the bond offering.
“We at First Metro have always been an advocate of capital markets development and having introduced a new name like Orix Metro in the capital markets is another reason we are very proud of this deal,” Camacho said.
“We are equally proud to support Orix Metro as they continue to expand their business to medium-sized enterprises, which is the backbone of our economy,” he added.