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CAPITAL NOTES

The Official Publication of First Metro Investment Corporation January to March 2012

First Metro Investment posts P2.2 billion profit in 2011


First Metro Investment Corporation ended the year with a consolidated net income of P2.2 billion amidst volatile market condition in 2011. This is 28.8% higher than the P1.7 billion net income of the previous year. Year on year return on equity stood at 20.56%. The Treasury Group alone made a solid P1.2 billion income, 35.8% higher than last year. Net interest income from Treasury portfolio is P434.0 million, driven by higher level of securities portfolio. Gains from government securities trading is P615.0 million while fee income from securities distribution is P116.0 million. The Investment Banking Group made a total fee income of P275.0 million that is P5.0 million or 1.7% better than previous years fees. The bulk of this revenue was generated through various significant deals that included Beacon Electric Asset Holdings Inc.s P11.0 billion Corporate Notes, Puregold Price Club, Inc.s P8.6 billion Initial Public Offering, Manila Water Company, Inc.s P10.0 billion Corporate Notes, Metropolitan Bank & Trust Companys P10.0 billion Stock Rights Offering, among others. First Metro president Roberto Juanchito Dispo explained, We have once again demonstrated our dominance in the domestic debt capital market in 2011. With our in-depth understanding of the Philippine capital markets and extensive distribution capabilities, we have successfully participated in 83.4% of the total peso-denominated domestic capital market issuances amounting to P771.2 billion. This includes the P687.5 billion volume of fund raising activities for the Republic of the Philippines. The Strategic Finance Division earned a net interest income of P159.0 million in 2011 while the Investment Advisory Group made a total net income of P38.0 million in trading gains and dividends from investment in stocks. First Metros assets at the end of the year is P79.0 billion, 23.1% more than the year-end balance in 2010 of P64.0 billion. Capital funds reached P11.4 billion, 14.8% higher than the 2010 year-end level.
In photo during The Asset Triple A Country Awards Dinner are First Metro Vice President Francisco Javier Bonoan (left) and Senior Manager Ina Pacheco. (details on page 5) In photo during the PDS Group awarding ceremony are (from left) PDEx President and COO Cesar Crisol, Former Prime Minister Cesar E.A. Virata, First Metro President Roberto Juanchito Dispo, and PDS Group Chairman Vicente Castillo.

We expect another good year in 2012 as many converging positive factors are imminent GDP is expected to grow by 6%, OFW remittance to increase by 7%, inflation will recede to 3 from 3.5%, exports to recover from -4.3% to 5.7%, interest rates to further compress by 50 bps from belly to long end, while short term rates will correct and the PSEi will reach above 5,000 level, Dispo added.

First Metro wins Best Securities House and Best Bond House Awards

INSIDE CAPITAL NOTES

First Metro, Metrobank lead the signing of the Meralco Notes Facility Agreement RTB-15 raised P179.79 billion for the National Government First Metro, Sole Domestic Coordinator for the successful GT Capital IPO First Metro-managed funds continue strong performance First Metro advocates investment literacy

FIRST METRO DEALS

Manila Electric Co.

City Savings Bank, Inc.

Smart Communications, Inc.

Republic of the Philippines (Bureau of the Treasury)

San Miguel Brewery, Inc.

GT Capital Holdings, Inc.

PHP 3,000,000,000
Notes Facility Agreement Sole Arranger & Underwriter January 2012

PHP 3,000,000,000
Notes Facility Agreement Joint Issue Manager March 2012

PHP 5,500,000,000
Notes Facility Agreement Lead Arranger & Bookrunner March 2012

PHP 179,796,220,000
15 and 20-year Retail Treasury Bonds 15 Joint Issue Manager & Selling Agent March 2012

PHP 20,000,000,000
Retail Bonds Co-Lead Manager March 2012

PHP 21,566,949,950
Initial Public Offering Sole Domestic Coordinator, Bookrunner, Lead Manager & Domestic Lead Underwriter April 2012

First Metro, Metrobank lead the signing of the Meralco Notes Facility Agreement

First Metro Investment Corporation and Metropolitan Bank & Trust Company led 15 financial institutions in the signing of the P3.0 billion 7- and 10year Notes Facility Agreement with Manila Electric Co. First Metro was the Sole Arranger and Underwriter, while Metrobank served as the Notes Facility Agent of the Notes issuance. Proceeds from the Fixed Rate Notes will be used to fund the companys capital expenditures, which include the improvement of its power distribution network through the construction of new power facilities, substations and lines throughout its franchise area.

In photo during the signing of the agreement are (from left) Metrobank-Trust Banking Senior Vice President Josefina Tuplano, First Metro Investment President Roberto Juanchito Dispo, Meralco Chief Operating Officer Oscar Reyes, Meralco First Vice President and Treasurer Rafael Andrada, and Metrobank-Trust Banking Executive Vice President Josefina Sulit.

RTB-15 raised P179.79 billion for the National Government


The Bureau of the Treasury (BTr) issued the 15th tranche of the Retail Treasury Bonds (rTB-15) on March 1, 2012, consisting of a 15- and 20-year tenor. This is the first time that the BTr issued a 20-year rTB. The issue, which marks the first and possibly the last rTB offering for the year, raised P179.79 billion for the National Government (NG). This issue also holds the distinction of being the rTB tranche that launched the longest tenor rTB of 20 years. Together with the 15-year offering, this will be the highest amount raised in a single rTB tranche since the programs inception in 2001. The minimum aggregate nominal principal amount of the Bond was P40.0 billion. The 15- and 20-year rTBs were oversubscribed by around 1.12 and 1.06 times, respectively, as the total sale of 15-year rTB was P44.14 billion and P135.66 billion for the 20-year tenor. Of said amount, P49.62 billion was sold to GSEDs through Dutch Auction. P115.19 billion was subscriptions received by the selling agents during the public offering period and P14.99 billion was sold to GOCCs through the BTrs over-the-counter window. First Metro, a government securities eligible dealer (GSED) licensed by the BTr has been appointed one of the Joint Issue Managers of the rTB tranche. Together with three other Joint Issue Managers and four Joint Issue Coordinators, simultaneous roadshows in 9 key urban cities, such as Manila, Baguio, Pampanga, Naga, Cebu, Iloilo, Davao, General Santos and Laoag, were conducted. Nationwide distribution was also made possible through the branch network of the 23 Selling Agents, including First Metro and Metrobank. The rTB is a financing program created to mobilize savings for the simplest of retail investors. From its maiden issue in 2001 up to this latest offering, the program has raised approximately P1,054.61 billion for the NG. The rTB is a reliable fund-raising alternative that taps the retail market, thereby diversifying the governments traditional fund sources of corporate investors. The 15- and 20-year rTB carry coupons of 5.3750% and 5.8750%, respectively, and interest is paid on a quarterly basis.

FIRST METRO DEALS

First Metro, Sole Domestic Coordinator for the successful GT Capital IPO

In photo during the GT Capital Holdings, Inc. (GT Capital) IPO Listing Ceremony at the Philippine Stock Exchange Plaza in Makati are (from left): GT Capital President Carmelo Maria Bautista, GT Capital Vice Chairman Alfred Ty, GT Capital Vice Chairman Arthur Ty, GT Capital Treasurer Mary Vy Ty, Former Chief Justice Artemio Panganiban, GT Capital Chairman George S.K. Ty, PSE Chairman Jose Pardo, PSE President Hans Sicat, First Metro Chairman Francisco Sebastian, First Metro President Roberto Juanchito Dispo, UBS Philippines Managing Director Lauro Baja III, First Metro Assistant Vice President Abigail Buenviaje-Magpayo, First Metro Manager Janice Gamos, First Metro Junior Assistant Manager Sophia Ybaez, and First Metro Senior Vice President Justino Juan Ocampo.

GT Capital Holdings, Inc., the holding firm of business tycoon Dr. George S. K. Ty, successfully conducted its initial public offering recently. Its market debut marked the first listing on the Philippine Stock Exchange (PSE) this year. Raising a total issue size of P21.56 billion, it also marked the second largest IPO in the countrys history. GT Capital completed its offer period with overwhelming domestic demand. Excluding the overallotment shares, the domestic market accounted for 42.0% of the transaction. First Metro Investment was on top of this successful IPO as Sole Domestic Coordinator, Bookrunner, Lead Manager, and Domestic Lead Underwriter. GT Capitals component companies include Metropolitan Bank & Trust Co., the second largest commercial bank in the country; Toyota Motor Philippines Corporation, the number one automotive company in the country; Federal Land, Inc., a reputable real estate developer with track record quality, reliability and integrity; AXA Philippines, a reliable life insurance provider in the country; and Global Business Power Corporation, a leading independent power provider in the Visayas region. Its diversified portfolio exposed to growing sectors of the Philippine economy, as well as the solid and leading businesses it handles, presented that its stocks is indeed a good buy. They sold a total of 47.4 million shares to the public at P455 apiece. It opened at P500 per share and closed on its debut at P492, 8.13% above its initial listing price. First Metro President Roberto Juanchito Dispo said, The domestic tranche, supported by both institutional and

retail investors was 2.24x oversubscribed. This is a testament to the solid businesses owned by GT Capital. This also shows that Philippine investors now have a bullish market outlook, anticipating a much-awaited credit rating upgrade soon. As the offer was well-received both locally and internationally, GT Capital President Carmelo Maria Bautista claimed, Other than the overwhelming interest in GT Capital, this landmark transaction also highlights the vote of confidence in the Philippine investment story. During the listing ceremony, GT Capital reported that all of its five component companies showed strong growth trends for the first quarter of 2012. We are in the midst of a changing economic landscape in the Philippines where the opportunities and prospects for economic growth have never been brighter, said GT Capital Vice Chairman Alfred Ty. GT Capital and its component companies are now strategically positioned to grow further and to become a key partner in the emerging Philippine growth story, Ty added. Leading the international offer was UBS AG, who acted as Sole Global Coordinator, Sole International Bookrunner, and Lead Manager. Maybank-ATR Kim Eng Capital Partners, Inc., PentaCapital Investment Corporation, UBS Investments Philippines, Inc., and Vicsal Investment, Inc. comprised the domestic participating underwriters syndicate.

FEATURE

First Metro Investment wins Best Securities House and Best Bond House Awards
First Metro Investment Corporation has been voted as the Best Domestic Bond House in the Philippines by Hong Kong-based The Asset Publishing and Research Ltd. in its Triple A Country Awards for 2011. First Metro was cited for its leadership in the Philippine domestic bond market in the covered screening period, participating in the issuance of P637.4 billion bonds or 96.2% of the total bond issuances. It is the third consecutive year the company received the award. The company also recently bagged six awards from the Philippine Dealing System Holdings Corporation Group (the PDS Group), a private corporation that manages the electronic trading and settlement platforms in the Philippines debt securities and foreign exchange markets. First Metros active participation in the development of the corporate debt market as an investment house, its exceptional performance in trading and distribution, origination, underwriting, and market making of outstanding listed corporate securities have been considered in its being awarded the Cesar E.A. Virata Award for Best Securities House, Investment House Category, a fresh addition to the roster of awards given by the PDS Group. This award was named after former Prime Minister Cesar Virata who was a key proponent of the establishment of the fixedincome trading platform in the country, now operated by the Philippine Dealing and Exchange Corp. (PDEx). Five more awards were given to First Metro by the PDS Group as the company landed among the Top 5 Corporate Issue Managers/Arrangers, the Top 5 Corporate Securities Market Makers, the Top 5 Fixed Income Brokering Participants, and the Top 5 Fixed Income Dealing Participants, and was likewise presented the Innovative Corporate Bond Issue of the Year for its P5.0 Billion Fixed Rate Corporate Bonds due 2017, the first fully principal-covered corporate bond issue secured by government securities. Having received these prestigious awards, First Metro President Roberto Juanchito Dispo said, First Metro has been filled with much pride as our leadership in the domestic market has again won widespread external recognition. Our success in 2011 will serve as a challenge to be even better in 2012 and the years to come. We vow to continue to place our clients at the center of everything we do and with the ultimate goal of delivering more attractive and sustainable returns in the future.

First Metro-managed funds continue strong performance


Nevertheless, FAMIs equity-laced funds delivered substantial gains for their respective shareholders despite turbulence in the Philippine stock market. FAMIs ability to manage the risk for investors during turbulent market conditions is a testament to the value of investing in mutual funds, he added. FAMIs effectiveness in managing the volatilities in the Philippine capital markets and its consistent performance, has allowed the company to achieve a major milestone and register a total of P5.13 billion in aggregate assets under management (AUM) at the end of 2011. The milestone makes FAMI one of the fastest growing asset management companies in the industry as it exceeded the P5-billion level in just its sixth-year of operations, said Hector de Leon, FAMI Executive Vice President and Chief Operating Officer. FAMI is a joint venture among three major institutions. First Metro Investment Corporation owns 70.0% of FAMI, while the remaining 30.0% is divided evenly between the Catholic Educational Association of the Philippines (CEAP) and the Marist Brothers. The two minority owners are both Catholic school operators who partnered with First Metro to provide educational institutions and their teachers (and other employees) with sound investment vehicles in the form of the Save & Learn Mutual Funds.

THE FIRST METRO Save and Learn mutual funds maintained their strong showing in the mutual funds market as they led their respective categories among local funds, primarily invested in Peso securities amid the volatile market conditions for the year 2011. The First Metro Save & Learn Fixed Income Fund (SALFIF) led all bond funds, generating a net return of 12.34% for the year 2011 based on figures of the Philippine Investment Funds Association as of December 29, 2011. The First Metro Save & Learn Equity Fund (SALEF) ended 2011 with a net return of 8.18% among stock funds, while the First Metro Save & Learn Balanced Fund finished with a net yield of 6.62%. Both outperformed and posted the highest returns in their respective categories. While the Philippine economy remains to be generally healthy, local markets were not spared from the roller coaster rides in Europe and the US. The Philippine stock market index barely budged from the 2010 level, closing the year at 4,371.96, up by only 4.07% for the whole year, said Augusto Cosio, President of First Metro Asset Management, Inc. (FAMI), which manages the Save & Learn Funds.

CORPORATE SOCIAL RESPONSIBILITY

First Metro advocates investment literacy


First Metro continues to carry on its vision to be the prime mover of the Philippine capital markets. It advances its commitment to advocate investment literacy not only among its clientele, but also to young investors and the general public.

Economic Briefings

First Metro, initiated by its Capital Markets Development Committee, opened the year with a series of briefings. In January, it held its annual economic and capital markets briefings, one for the press and another for its clients. In the said briefings, key officers discussed the outlook on the Philippine and global economy, as well as prospects in the capital markets. This was followed by a similar briefing in Cebu and Davao in early February.

First Metro Subsidiaries Economic and Investment Briefings

Also working to advocate investment literacy are subsidiaries First Metro Asset Management, Inc. (FAMI) and First Metro Securities Brokerage Corporation (FirstMetroSec). Together with First Metro Investment, these two subsidiaries organized an economic and investment briefing for their clients and prospective investors. First Metro President Roberto Juanchito Dispo gave his economic outlook, while FirstMetroSec President Gonzalo Ordoez and FAMI President Gus Cosio discussed online trading and the equities market, respectively. They also shared various investment opportunities and strategies, and tips on portfolio management.

Investors Center Economic and Investment Briefings

Similar economic and investment briefings have also been organized by First Metro Investors Center, the one-stop investment hub of First Metro for both big and small investors in Manila and Cebu. The Investors Center is the companys initiative to make its products accessible to more investors. Key speakers are invited to lecture on topics such as Stock Market Trading: Fundamental and Technical Analysis; Mutual Funds; Bond Trading; Investing in Stocks; as well as Investment and Economic Outlook.

Business Education

First Metro strongly supports business education. In March, First Metro President Roberto Juanchito Dispo delivered the keynote address during the Fifth Business Education Industry Summit organized by the Philippine Council of Deans & Educators in Business (PCDEB). The summit, which was held at the Lyceum of the Philippines University in Manila was attended by business educators from various schools in the different regions of the country. This years conference focused on Responding to the New Business Climate. Mr. Dispo shared his insights on the new Philippine economy to the business educators.

First Metro Investment

In Action

Eduardo Alvarez (right), President and Chief Executive Officer of ORIX Metro Leasing & Finance Corporation, awards First Metro President Roberto Juanchito Dispo a certificate for his distinguished service as their Treasurer for the past 10 years.

First Metro supports PSE Bull Run 2012: Takbo Para sa Ekonomiya January 8, 2012 | Bonifacio Global City, Taguig

Metrobanks Annual National Convention 2012 February 10, 2012 | Harbor Garden Tent, Sofitel

First Metro Senior Vice President Reynaldo Montalbo, Jr. receives a certificate of appreciation on behalf of First Metro Investment Corporation. The certificate was given by Comembo Elementary School as an expression of recognition and gratitute for the companys support to their Robotics Team that represented the country in the semi-finals of the world robotics competition held in Abu Dhabi, UAE.

Chiang Kai Shek College Faculty of Business, Arts & Sciences Faculty of Graduate Studies Commencement Exercies March 31, 2012 | Chiang Kai Shek College In left photo: First Metro President Roberto Juanchito Dispo addresses the graduates of Chiang Kai Shek College in their commencement exercises. In photo above: Dr. Bee Ching U. Ong Kian Koc, President of Chiang Kai Shek College, awards Mr. Dispo a certificate of appreciation for gracing the event.

CAPITAL NOTES is the official publication of First Metro Investment Corporation


For any comments or suggestions, please write to the Corporate Affairs Department 45th Floor, GT Tower International, Ayala Ave. cor. HV dela Costa St., Makati City Tel: +632 858 7935 | Fax: +632 840 3706 | E-mail: corpplan@firstmetro.com.ph

www.firstmetro.com.ph

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