  Fe$_{1+y}$Te with $y \lesssim 0.05$ exhibits a first-order phase transition
on cooling to a state with a lowered structural symmetry, bicollinear
antiferromagnetic order, and metallic conductivity, $d\rho/dT > 0$. Here, we
study samples with $y = 0.09(1)$, where the frustration effects of the
interstitial Fe decouple different orders, leading to a sequence of
transitions. While the lattice distortion is closely followed by
\emph{incommensurate} magnetic order, the development of \emph{bicollinear}
order and metallic electronic coherence is uniquely associated with a separate
hysteretic first-order transition, at a markedly lower temperature, to a phase
with dramatically enhanced bond-order wave (BOW) order. The BOW state suggests
ferro-orbital ordering, where electronic delocalization in ferromagnetic zigzag
chains decreases local spin and results in metallic transport.
