By Marisa Wong
Morgantown, W.Va., April 20 – Philippine National Bank announced it priced $300 million of 4¼% five-year notes at 99.532.
The fixed-rate senior notes (Baa2) will be issued under the company’s recently established $1 billion euro medium-term note program.
Citigroup, MUFG, Standard Chartered Bank and Wells Fargo Securities are the joint lead managers and joint bookrunners.
The issuance follows a roadshow with Singapore and Hong Kong investors from April 16 to April 18.
Demand for the offering was about $1.2 billion, representing an oversubscription of four times the issue amount.
Of the investors, 86% were from Asia and 14% were from Europe, the Middle East and Africa. In terms of investor type, 74% were asset/fund managers, 12% insurance companies, 9% banks and 5% private banks and others.
Proceeds will be used for general corporate purposes.
The commercial and retail bank is based in Pasay City, Philippines.
| Issuer: | Philippine National Bank
|
| Issue: | Fixed-rate senior notes
|
| Amount: | $300 million
|
| Maturity: | April 27, 2023
|
| Bookrunners: | Citigroup, MUFG, Standard Chartered Bank and Wells Fargo Securities
|
| Coupon: | 4¼%
|
| Price: | 99.532
|
| Announcement date: | April 20
|
| Settlement date: | April 26
|
| Rating: | Moody’s: Baa2
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
