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Philippine National Bank talks 5½-year negotiable CDs at 3¾%-3 7/8%
By Marisa Wong
Morgantown, W.Va., Oct. 11 – Philippine National Bank (PNB) said it is offering a third tranche of long-term negotiable certificates of time deposit totaling PHP 3 billion with an upsize option.
The negotiable CDs will mature on April 26, 2023.
The interest rate will be in the range of 3¾% to 3 7/8%, with the final rate to be determined during the offer period from Oct. 11 to Oct. 19.
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 Oct. 26.
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.
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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