By Marisa Wong
Los Angeles, Oct. 7 – China Banking Corp. said it closed its offering of PHP 15 billion 2¾% two-year bonds on Oct. 5, ahead of the scheduled Oct. 14 closing date, due to overwhelming demand.
The public offering started on Sept. 28. Within a few days, orders already exceeded the PHP 15 billion issue size, according to a company news release.
The bonds will be issued out of the bank’s PHP 45 billion bond and commercial paper program and will be listed on the Philippine Dealing and Exchange Corp. on Oct. 22.
China Bank Capital Corp. was the issue coordinator and bookrunner. Hongkong and Shanghai Banking Corp. Ltd., Philippine Commercial Capital, Inc. and Standard Chartered Bank were the joint lead arrangers and selling agents.
Proceeds will be used to support the bank’s strategic initiatives and expansion programs.
The bank is based in Makati City, Philippines.
| Issuer: | China Banking Corp.
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| Issue: | Fixed-rate bonds
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| Amount: | PHP 15 billion
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| Maturity: | Two years
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| Underwriters: | China Bank Capital Corp. (bookrunner); Hongkong and Shanghai Banking Corp. Ltd., Philippine Commercial Capital, Inc. and Standard Chartered Bank (joint lead arrangers)
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| Coupon: | 2¾%
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| Offer period: | Sept. 28-Oct. 5
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| Listing date: | Oct. 22
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| Listing: | Philippine Dealing and Exchange Corp.
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