By Susanna Moon
Chicago, March 30 - Philippine National Bank said it closed its issue of PHP 5 billion long-term negotiable certificates of deposit (Ba2) on March 24.
The issue was priced with a 6½% coupon, or 6 basis points over the five-year PDST-F benchmark.
The CDs are due March 31, 2014.
The bank floated talk of 6¼% to 6½% for PHP 3 billion of CDs. The CDs were to have a tenor of at least five years.
The bank said on March 12 that it may increase the issue size up to the maximum PHP 5 billion depending on prevailing market conditions.
The offering was arranged by Deutsche Bank AG, Manila Branch. PNB, Allied Bank, First Metro Investment Corp., Multinational Investment Bancorp and PNB Capital also are selling agents.
Proceeds will be used for general corporate purposes and to strengthen banking operations.
Philippine National Bank is a Pasay City, Philippines-based commercial and retail bank.
| Issuer: | Philippine National Bank
|
| Amount: | PHP 5 billion
|
| Issue: | Long-term negotiable certificates of deposit
|
| Maturity: | March 31, 2014
|
| Coupon: | 6½%
|
| Agents: | Deutsche Bank AG, Manila Branch (lead); PNB, Allied Bank, First Metro Investment Corp., Multinational Investment Bancorp and PNB Capital
|
| Settlement date: | March 24
|
| Rating: | Moody's: Ba2
|
| Talk: | 6¼% to 6½% coupon
|
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