Philippine National Bank plans up to PHP 10 billion subordinated debt

By Marisa Wong

Madison, Wis., Nov. 19 - Philippine National Bank said that its board of directors approved the issuance of up to PHP 10 billion of additional unsecured subordinated debt (lower tier 2 capital).

The bonds will be issued in one or more tranches with a tenor of 10 years and will be callable after 5.5 years.

The bonds are subject to the approval of the Bangko Sentral ng Pilipinas.

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

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