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January 4, 2008 |
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METROPOLITAN BANK: Tier-2 Notes Get “Deal of the Year” Award IFR Asia awards Metropolitan Bank & Trust Co.’s offer of PHP8.5 billion worth of Lower Tier 2 Peso-Denominated Step-Up Callable Subordinated Notes the Philippine capital market's "Deal of the Year" for 2007. International Financing Review Asia is the region's most authoritative capital markets magazine. The annual IFR Asia Awards are the ultimate recognition for achievement in capital markets. "With ING and Standard Chartered leading, it represented Metrobank's debut in the onshore subordinated space and was the largest domestic deal to emerge from the Philippines outside the quasi-government sector," said IFR Asia in its editorial write- up on the awards. Metrobank subsidiary First Metro Investment Corporation was financial advisor to the deal. According to IFR Asia, "The deal distinguished itself both in spread and absolute terms, bringing Metrobank’s costs of funding to record low levels." "The deal hooked a whopping PHP10.5 billion of orders, which represented the biggest book yet built for a local currency subordinated deal, allowing an increase in the trade from the earlier planned PHP5 billion," added IFR Asia. "We are much honored with the recognition given by IFR Asia," said Metrobank executive vice president Fernand Antonio Tansingco. "The deal shows the confidence of investors in the Bank, and in its business strategy." Moody's Investor Service earlier gave the deal a credit rating of Baa3, the highest credit rating ever for a Lower Tier 2 issuance by a Philippine bank. About Metropolitan Bank & Trust Metropolitan Bank and Trust Company -- http://www.metrobank.com.ph/ -- is the flagship company of the Metrobank Group. Metrobank provides a host of deposit, savings, and loan products as well as electronic banking services like Internet banking, mobile banking, and phone banking, as well as its huge ATM network. Metrobank is also the leading provider of trade finance in the country, and its overseas branch network has enabled it to service the fund remittances of Filipino overseas contract workers. The bank has 583 local branches and 35 international branches and offices located in Taiwan, China, Japan, Korea, Guam, United States, Hong Kong, Singapore, Bahamas, and in Europe. * * * In November 2006, Moody's Investors Service revised the outlook of Metropolitan Bank & Trust Co.'s foreign currency long-term deposit rating of B1 and foreign currency subordinated debt rating of Ba3 from negative to stable. The outlooks for Metropolitan Bank's foreign currency Not-Prime short-term deposit rating and bank financial strength rating of "D" remain stable. On Sept. 21, 2006, Fitch Ratings upgraded Metrobank's Individual rating to 'D' from 'D/E'. All the bank's other ratings were affirmed: * Long-term Issuer Default rating 'BB-' -- with a stable Outlook; * Short-term rating 'B'; and * Support rating '3. On March 3, 2006, Standard and Poor's Rating Service assigned a CCC+ rating on Metrobank's US$125-million non-cumulative capital securities, whereas Moody's Investors Service Rating Agency issued a B- rating on the same capital instruments. |
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