By Marisa Wong
Morgantown, W.Va., June 21 – Philippine National Bank announced it priced $750 million of 3.28% notes at 99.473 to yield 3.391%.
The fixed-rate senior notes (Baa2) will be issued under the company’s recently increased $2 billion euro medium-term note program.
Citigroup, HSBC and Standard Chartered Bank acted as joint lead managers and joint bookrunners.
The issuance follows a roadshow with Hong Kong, Singapore and London investors from June 18 to June 20.
The offering was oversubscribed with an order book of more than $3.25 billion.
Of the investors, 75% were from Asia and the remainder from Europe. Over 200 accounts participated, the issuer said.
Proceeds will be used to support loan growth.
The commercial and retail bank is based in Pasay City, Philippines.
| Issuer: | Philippine National Bank
|
| Issue: | Senior notes
|
| Amount: | $750 million
|
| Bookrunners: | Citigroup, HSBC and Standard Chartered Bank
|
| Coupon: | 3.28%
|
| Price: | 99.473
|
| Yield: | 3.391%
|
| Announcement date: | June 21
|
| Settlement date: | June 27
|
| Rating: | Moody’s: Baa2
|
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