Philippine National Bank offers 51/2-year negotiable CDs at 3%-3¼%

By Marisa Wong

Madison, Wis., Oct. 9 - Philippine National Bank notified the Philippine Stock Exchange, Inc. that it began its offer of long-term negotiable certificates of time deposit on Wednesday. The public offer period will run until Oct. 16.

The 51/2-year negotiable CDs will have a coupon of 3% to 3¼% that will be set at the end of the offer period.

HSBC is the lead arranger and bookrunner and a selling agent along with First Metro Investment Corp. and Multinational Investment Bancorp. Deutsche Bank AG, Manila Branch is the registry and paying agent.

Proceeds will be used to support the bank's business expansion plans and to shore up its source of longer-term funding.

The negotiable CDs are expected to settle on Oct. 21.

The Pasay City, Philippines-based commercial and retail bank recently issued PHP 5 billion of 3% negotiable CDs with a term of 5½ years. The deal priced on July 25 and settled on Aug. 5.

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