China Bank raises P30B from bond debut
MANILA, Philippines–Sy family-led China Bank has raised P30 billion from a local bond market debut, which was upsized to accommodate brisk demand from investors.
This was one of the largest corporate bond issuances on a single issuance in the local market to-date, thus seen by the bank as a testament to its strong placement capabilities, client support and distribution reach.
The China Bank bonds – due January 2021 – and carrying an annual interest rate of 5.7 percent per annum – were listed on the Philippine Dealing & Exchange Corp. on Wednesday.
“We are very grateful for the overwhelming market response which reflects our clients’ confidence in China Bank’s fundamental strength and future prospects,” China Bank president William Whang said in a disclosure to the Philippine Stock Exchange.
Whang noted that the issue was oversubscribed by six times the original offering of P5 billion, prompting the bank to upsize the amount to P30 billion from the initial target of P5 billion.