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Philippine National Bank talks 5½-year negotiable CDs with 3¾% coupon
By Marisa Wong
Morgantown, W.Va., April 7 – Philippine National Bank (PNB) said it is offering a second tranche of long-term negotiable certificates of time deposit totaling PHP 3 billion with an upsize option.
The negotiable CDs will mature on Oct. 27, 2022.
The interest rate will be in the area of 3¾%, with the final rate to be determined during the offer period from April 6 to April 20.
Hongkong and Shanghai Banking Corp. Ltd. and ING Bank NV, Manila Branch are the joint lead arrangers and bookrunners. PNB, HSBC, ING and Multinational Investment Bancorp are selling agents.
The negotiable CDs are expected to be issued on April 27.
In October 2016, the bank obtained approval from the Bangko Sentral ng Pilipinas to issue up to PHP 20 billion of negotiable CDs with terms of 5½ to 10 years in multiple tranches over a period of one year. In December, the bank issued a first tranche totaling PHP 5.38 billion with an interest rate of 3¼% and a tenor of 5½ years.
Proceeds will be used to extend the maturity profile of PNB’s liabilities as part of overall liability management and to raise long-term funds for general corporate purposes, as previously announced.
The commercial and retail bank is based in Pasay City, Philippines.
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