By Aaron Hochman-Zimmerman
New York, June 13 - Philippine National Bank (Ba2) priced PHP 6 billion lower tier II unsecured subordinated 8½% bonds, according to a press release.
The coupon matched initial indications for 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.
Deutsche Bank managed the sale.
Philippine National Bank is a Pasay City, Philippines-based commercial and retail bank.
| Issuer: | Philippine National Bank
|
| Amount: | PHP 6 billion
|
| Issue: | Lower tier II unsecured subordinated bonds
|
| Coupon: | 8½%
|
| Underwriter: | Deutsche Bank
|
| Pricing date: | June 13
|
| Settlement date: | June 19
|
| Ratings: | Moody's: Ba2
|
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