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Amando Tetangco
Amando Tetangco, Bangko Sentral ng Pilipinas (BSP)
Despite the international credit crunch, banks in the Philippines grew lending by 24% in the first half of 2008 and asset quality continues to improve, says the Bangko Sentral ng Pilipinas (BSP) governor. Writer Ian Gill.
Margarito Teves
Margarito Teves, the Philippines finance secretary
The impact of the international slowdown on the Philippines economy has been more severe than expected, but revenue collections are on track and overseas remittances remain strong, says the Philippines finance secretary. Writer Ian Gill.
Sibling rivalry
The Tan brothers, Nestor and Lorenzo, are helping to reshape the Philippines’ banking industry. Ian Gill reports on how their international expertise is helping to break the shackles of traditional financial empires.
Lenders on the up as property market booms
An unprecedented array of mortgage products is putting home purchases within reach of lower-income Filipinos – and helping banks achieve their best loan growth in a decade. Ian Gill reports from Manila.
Manila focuses on middle market
With larger companies shifting to China, Filipino banks have been focusing on their retail clients as well as the mid-sized enterprise market. Dan Barnes reports.
Philippines
Aurelio R Montinola III
Bank of the Philippine Islands
Bank of the Philippine Islands (BPI) has once again demonstrated it is the leader in its domestic market with great profit growth and successful expansion strategies.
Philippines
Ayala Corporation’s 7bn peso 12.677% fixed rate note due 2009
BDO Capital & Investment Corporation, BPI Capital Corporation, First Metro Investment Corporation, ING Bank, Land Bank of the Philippines, PCI Capital Corporation and Standard Chartered Bank were joint mandated lead arrangers
To refinance maturing $100m bonds, Ayala Corporation, the Philippines’ largest diversified conglomerate, tapped the domestic market, upsizing an initial 5bn peso offering to
7bn pesos. The decision to turn to domestic markets was part of Ayala’s strategy to shift a greater proportion of its foreign currency-denominated borrowings to the local currency.
With the borrower demanding a fully underwritten proposal, a syndicate of seven local financial institutions was formed to underwrite the issue with a green shoe option.
The significance of the deal was manifold, not least contributing to the development of the domestic capital markets by providing an attractive investment option of considerable size, liquidity and yield. The bond was by far the largest peso-denominated corporate bond issued in the Philippines, attracting a wide investor base.
In addition, it was achieved at very competitive pricing. The coupon of 12.677%, payable quarterly, was the most tightly priced Philippine corporate issue of significant size in recent years.
