By Marisa Wong
Morgantown, W.Va., Feb. 21 – Philippine National Bank announced it completed an offer of long-term negotiable certificates of time deposit, raising PHP 8.22 billion.
The oversubscribed 5½-year negotiable CDs were priced at 5¾%.
The bank had originally planned to issue PHP 3 billion of the negotiable CDs but then upsized the offer to meet its 2.7 times oversubscription, according to a press release.
HSBC and ING were joint lead managers and selling agents along with PNB, First Metro Investment Corp. and Multinational Investment Bancorp.
The issuance will help extend PNB’s maturity debt profile and provide long-term funds to support its loan growth.
The CDs will be listed on the Philippine Dealing Exchange on Feb. 27.
The commercial and retail bank is based in Pasay City, Philippines.
| Issuer: | Philippine National Bank
|
| Issue: | Long-term negotiable CDs
|
| Amount: | PHP 8.22 billion
|
| Maturity: | 5½ years
|
| Managers: | HSBC and ING
|
| Coupon: | 5¾%
|
| Announcement date: | Feb. 20
|
© 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.
