By Marisa Wong
Madison, Wis., July 25 - Philippine National Bank notified the Philippine Stock Exchange, Inc. on Thursday that it priced PHP 5 billion of 3% long-term negotiable certificates of time deposit at par.
Price talk for the 51/2-year negotiable CDs was between 3% and 3¼%.
The CDs are being offered from July 25 through July 29. Settlement is slated for Aug. 5.
HSBC is the lead arranger and bookrunner and a selling agent along with Philippine National Bank, First Metro Investment Corp. (Metrobank) and Multinational Investment Bancorp.
As previously announced, proceeds will be used for general corporate purposes and to help strengthen the bank's operations.
The commercial and retail bank is based in Pasay City, Philippines.
| Issuer: | Philippine National Bank
|
| Issue: | Long-term negotiable certificates of time deposit
|
| Amount: | PHP 5 billion
|
| Maturity: | 5½ years
|
| Coupon: | 3%
|
| Price: | Par
|
| Yield: | 3%
|
| Price talk: | 3%-3¼%
|
| Agents: | HSBC (lead), PNB, First Metro Investment Corp. (Metrobank) and Multinational Investment Bancorp.
|
| Pricing date: | July 25
|
| Offer period: | July 25-July 29
|
| Settlement date: | Aug. 5
|
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