Philippine National Bank talks PHP 3 billion 10-year notes at 8½%

By Aaron Hochman-Zimmerman

New York, June 10 - Philippine National Bank will offer at least PHP 3 billion of 10-year lower tier II notes through Deutsche Bank, according to a press release.

The notes are at 8½%.

The coupon will step up if the bonds are not called after five years.

The issue is intended to refinance lower tier II notes which are callable in February 2009.

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

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