PNB to issue P3.67B deposit notes

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LISTED Philippine National Bank (PNB) on Thursday said it will issue a new tranche of long-term negotiable certificates of time deposit (LTNCTD) due October 2022, amounting to P3.675 billion.

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“Following the issuance on December 2016, this third listing of PNB in the local debt market brings PNB to a cumulative level of P16.15 billion LTNCTDs outstanding listed on the Philippine Dealing Exchange (PDEx),” PNB said in a statement.

“This ninth listing for the year brings the year-to-date total volume of new listings to P66 Billion, a 230 percent increase from the same four-month period last year. The total level of tradable corporate debt instruments in PDEx now stands at P682.70 billion issued by 43 companies, comprised of 119 securities,” it added.

Earlier, PNB informed the Philippine Stock Exchange (PSE) that they have an option to upsize the issue size depending on demand after the bank secured authority from the Bangko Sentral ng Pilipinas (BSP) to issue deposit notes in the aggregate amount of up to P20 billion.

The LTNCTD has an indicative interest rate of 3.75 percent annually, the bank said.

Hongkong and Shanghai Banking Corp. Ltd. and ING Bank N.V., Manila branch were appointed as joint lead arrangers and bookrunners for the issuance, while the selling agents are PNB, HSBC, ING, and Multinational Investment Bancorporation.

PNB said proceeds from the fundraising will be used to extend the maturity profile of the bank’s liabilities as part of its overall liability management and also for general corporate purposes.

Incorporated in 1916, PNB is engaged in commercial banking with a total network of 670 domestic branches, 75 overseas branches and 956 automated teller machines (ATM) as of end-September 2016.

Among Philippine banks, it boasts of having the most extensive international footprint in different locations across Asia, Europe, the Middle East, and North America.

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