By Marisa Wong
Madison, Wis., Dec. 19 – Philippine National Bank announced it completed its offer of long-term negotiable certificates of time deposit on Dec. 12, raising PHP 7 billion.
The oversubscribed 5½-year negotiable CDs were priced at 4 1/8%.
The public offer period ran from Nov. 26 to Dec. 5.
The bank had planned to issue PHP 3 billion of 4% to 4¼% negotiable CDs with an oversubscription option of up to PHP 2 billion.
HSBC was 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.
This is the bank’s first issue of long-term negotiable CDs to be listed on the Philippine Dealing Exchange, according to a press release.
“We are looking forward to more issuances by the bank in the financial markets. This fundraising activity will also allow us to support our asset growth and make us even more competitive in the banking industry,” shares PNB executive vice president and head of treasury group Horacio E. Cebrero III commented in the release.
The commercial and retail bank is based in Pasay City, Philippines.
| Issuer: | Philippine National Bank
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| Issue: | Long-term negotiable CDs
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| Amount: | PHP 7 billion
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| Maturity: | 5½ years
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| Coupon: | 4 1/8%
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| Bookrunner: | HSBC
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| Offer period: | Nov. 26 to Dec. 5
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| Settlement date: | Dec. 12
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