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Philippine National Bank offers 5½-year negotiable CDs at 4%-4¼%
By Marisa Wong
Madison, Wis., Nov. 25 – Philippine National Bank will begin an offering of long-term negotiable certificates of time deposit on Wednesday. The public offer period will run until Dec. 5, according to a notice.
The bank plans to issue PHP 3 billion of the negotiable CDs with an oversubscription option of up to PHP 2 billion.
The 5½-year negotiable CDs will have a coupon of 4% to 4¼% that will be set before the end of the offer period.
HSBC is the arranger and bookrunner and a selling agent along with First Metro Investment Corp., Philippine National Bank and Multinational Investment Bancorp.
Proceeds will be used for general corporate purposes and to help strengthen the bank’s operations, as previously noted.
The negotiable CDs are expected to settle on Dec. 12.
The commercial and retail bank is based in Pasay City, Philippines.
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