Philippine National Bank announces PHP 6 billion 10-year bonds

By Aaron Hochman-Zimmerman

New York, May 19 - Philippine National Bank will offer PHP 6 billion 10-year in unsecured subordinated lower tier II bonds.

The offer will come in one or more tranches and will be managed by Deutsche Bank.

The bonds will be issued at par with five years of call protection.

The coupon will be based on the Philippine fixed-rate Treasury note plus a spread.

Philippine National Bank is a Pasay City, Philippines-based commercial and retail bank.

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