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Manila Bulletin devider Business devider Banking & Finance devider DBP raises P8.75 B from bond sale

DBP raises P8.75 B from bond sale

To fund big-ticket infra projects

Published Mar 1, 2024 08:56 am

State-owned Development Bank of the Philippines (DBP) recently raised P8.75 billion via its local bond issuance to finance critical public infrastructure projects, according to its highest ranking official.

“We hope to utilize proceeds from our Fixed-Rate Series 5 Bonds to boost credit support to our priority sectors while jumpstarting investments in the essential areas identified by the National Government including Public-Private Partnership initiatives,” said DBP president and CEO Michael O. de Jesus in a statement Friday, March 1.

De Jesus stated that the government bank, which is also the country’s eight largest lender, “is keen in extending credit and technical assistance to both public and private firms that would invest in key areas such as food security, energy, agro-industrial ventures, telecommunications, road networks including water amidst rising demand heightened by the onset of the El Niño phenomenon.”

Funding big-ticket projects is DBP’s key mandate based on its role as provider of credit support to four strategic sectors of the economy: infrastructure and logistics; micro, small, and medium enterprises; the environment; and social services and community development.

The bank completed its Series 5 Bonds issuance in February, which was almost 4.4 times greater than the minimum issue size of P2 billion, it said.

The bonds were offered at par value with an interest rate of 6.102 percent per annum. It will mature in 2025 and will be traded through the Philippine Dealing & Exchange Corporation, with China Bank Capital Corporation tapped as issue manager, sole arranger, and sole bookrunner.

De Jesus said that the bond sale proceeds will also finance general corporate requirements, including funding source diversification, and balance sheet expansion.

He also noted that the maiden issuance under DBP’s upsized bond program worth P150 billion “clearly demonstrates its confidence in its market niche and capacity to meet the evolving financial needs of its clients and partners.”

“With this issuance, DBP takes another crucial step to shore up economic recovery and resilience efforts in the post-pandemic era for the Philippines with the Bank leading the way in channeling much-needed capital into the economy while facilitating investments in key sectors to boost economic activity,” said de Jesus.

 

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