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GC Asia
FMIC ups local bond to Ps7bn after strong retail bid
Philippine bank First Metro Investment Corp raised the size of its peso bond to Ps7bn ($167.3m), increasing the deal by Ps2bn after getting strong demand from retail investors, said Roberto Juanchito Dispo, the bank’s president.
Retail accounts took 65% of the deal, leaving the rest to be allocated to institutional accounts. But the institutional buyers drove the pricing of the deal: they were approached first, and the bond was priced three days before it was offered to retail accounts on July 30. The
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