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Oct 11, 2017 @ 17:00

PNB wants to raise P3B in fresh funding

 

The Philippine National Bank (PNB) will be issuing their third debt note offer in a year.

The bank owned by bilyonaryo Lucio Tan will be floating long-term negotiable certificates of deposit from Oct. 11-19, with the goal of raising at least P3 billion from the exercise.

In a disclosure, PNB said the notes will be issued by Oct. 26 and will mature by April 2023. It will carry an interest rate between 3.75-3.875% annually, although the payments are remitted per quarter.

This forms part of the P20 billion LTNCDs approved by the central bank for PNB since 2016.

The Hongkong and Shanghai Banking Corporation Limited and ING Bank N.V., Manila Branch are the joint lead arrangers and bookrunners for the issuance.

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