ACCRALAW as Philippine Counsel to the Managers for Metrobank’s US$1 Billion Note Issuance

ACCRALAW acted as Philippine counsel to the Managers, Merrill Lynch (Singapore) Pte. Ltd., UBS AG Hong Kong Branch, First Metro Investment Corporation, and MUFG Securities Asia Limited Singapore Branch, in relation to Metrobank’s issuance of a dual tranche, 5-year USD 500 Million and 10-year USD 500 Million notes under its USD 2 Billion Medium Term Note Programme.

The 5-year and 10-year notes were priced at 110 basis points and 130 basis points above the benchmark U.S. Treasury notes, carrying fixed coupon rates of 5.375% and 5.50%, respectively. The final order book was more than 11 times oversubscribed, reaching USD 5.6 Billion from investors globally.

The Firm’s lawyers, Senior Partner Judy Hao, Senior Associate Celerina Rose D. Fajardo Nacin, and Associate Christine Joy S. Escalante, assisted the Managers on the offering.

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