PNB all set for its P20B high-yield deposits offering
Bilyonaryo Lucio Tan-owned Philippine National Bank will kick off the initial tranche of its long-term deposits offering on Monday to raise long-term funds for general corporate purposes.
In a statement, PNB said it obtained the approval of the Bangko Sentral ng PIlipinas to issue up to P20 billion worth of long-term negotiable certificates of time deposits (LTNCDs) with a tenor of 5.5 to 10 years. The offering will run until Nov. 25 with the listing of the securities scheduled on Dec. 6.
The country’s fourth largest private commercial bank in terms of assets and deposits is set to initially offer at least P3 billion in LTNCDs which carry a maturity of 3.25 percent per annum.
Proceeds from the offering will be use to extend the maturity profile of PNB’s liabilities as part of the lender’s overall liability management program.
The Hongkong and Shanghai Banking Corp. and ING Bank N.V. are the joint lead arrangers and bookrunners for the issue while PNB, First Metro Investment Corp. and Multinational Investment Bancorp. are also selling agents for the offering.