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Philippine National Bank talks 5½-year negotiable CDs at 4¼%-4 3/8%
By Marisa Wong
Los Angeles, Sept. 27 – Philippine National Bank (PNB) said it is offering a second tranche of long-term negotiable certificates of time deposit totaling PHP 2 billion with an upsize option.
The interest rate for the 5½-year negotiable CDs will be in the range of 4¼% to 4 3/8%, with the final rate to be determined during the offer period from Sept. 27 to Oct. 4.
Hongkong and Shanghai Banking Corp. Ltd. is the lead arranger for the issuance. PNB, HSBC, First Metro Investment and Multinational Investment Bancorp are selling agents.
The negotiable CDs are expected to be issued on Oct. 11.
In October 2018, the bank obtained approval from the Bangko Sentral ng Pilipinas to issue up to PHP 20 billion of negotiable CDs. The first tranche totaling PHP 8.22 billion was issued on Feb. 27, 2019.
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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