Close  

PNB raises P8.22B via long-term deposit notes offering

/ 05:02 AM February 23, 2019

Tycoon Lucio Tan-led Philippine National Bank raised P8.22 billion from a recent offering of high-yielding deposit notes, bracing itself for robust lending amid a fast-growing economy.

PNB’s long-term negotiable certificates of deposit (LTNCDs) have a coupon rate of 5.75 percent a year and a tenor of five years and six months.

ADVERTISEMENT

“This is a strategic exercise for us as we continue to grow our loan portfolio. Raising long-term funding at attractive levels offers our investors an opportunity to support our goals, while allowing us to also provide cost-competitive loans to our clients who would like to grow alongside our strong Philippine economy,” PNB president and CEO Wick Veloso said in a statement.

Proceeds from the LTNCD offering are seen to help extend PNB’s maturity debt profile and raise long-term funds to support its loan growth.

FEATURED STORIES

The LTNCD deal was oversubscribed by 2.7 times its base size of P3 billion given “strong investor demand from both retail and institutional investors.”

At P8.22 billion, it is PNB’s largest LTNCD issuance so far.

HSBC and ING were the joint lead managers and selling agents alongside PNB, First Metro Investment Corp. and Multinational Investment Bancorporation. PNB Capital and Investment Corp. served as adviser.

The LTNCDs will be listed on fixed income trading platform Philippine Dealing Exchange on Feb. 27.

Valued by the stock market at about P60 billion, PNB is one of the country’s largest private universal banks in terms of assets and deposits. Together with its savings bank arm, PNB has domestic footprint of 707 branches and more than 1,240 automated teller machines nationwide. It has the most extensive international reach among local banks, with more than 70 overseas branches, representative offices, remittance centers and subsidiaries across Asia, Europe, the Middle East and North America.

ADVERTISEMENT
Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: deposit notes, Philippine National Bank, PNB
For feedback, complaints, or inquiries, contact us.
opinion

Panic in the air

November 19, 2019 05:15 AM

opinion

Bottled air

November 19, 2019 05:13 AM

opinion

‘I will destroy her in public’

November 19, 2019 05:11 AM

newsinfo

Police find man in viral ‘Grand Taft Auto’ video 

November 19, 2019 05:10 AM

opinion

5 myths of Dutertismo (1) 

November 19, 2019 05:09 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.