• PNB signs $150-M syndicated loan


    First syndicated loan with international and regional banks in 17 years

    PHILIPPINE National Bank (PNB) said it has signed a three-year, $150-million syndicated loan with a group of international and regional banks, its first such loan in 17 years.

    In a statement, PNB said it signed the syndicated loan on Friday amid “overwhelming interest” from the market.

    “The facility was launched at $150 million and attracted total commitments of $220 million at close of syndication, representing an oversubscription of 1.5 times with lending commitments received from 10 regional and international banks,” PNB said.

    “This marks PNB’s return to the syndicated loan market after more than a decade, the last being in 1998, and received overwhelming interest from the market, both regionally and internationally,” the bank said.

    Standard Chartered Bank served as the sole coordinating bank and underwriter.

    CTBC Bank Co. Ltd. Singapore; ING Bank N.V., Manila Branch; The Korea Development Bank (KDB) Asia Limited; and United Overseas Bank Limited were sub-underwriters.

    The Hongkong and Shanghai Banking Corporation Limited (HSBC) was the mandated lead arranger at close of the senior syndication.

    The loan facility received strong interest from Middle Eastern banks such as National Bank of Kuwait S.A.K.P. Singapore Branch; BBK B.S.C.; and Commerzbank Aktiengesellschaft, Hong Kong branch, which came in later as the lead arrangers.

    The Export-Import Bank of the Republic of China was appointed as an arranger.

    “The diversity of the syndicate of lenders is an affirmation of the growing international market appetite for assets from the Philippines.

    The success of the transaction is a strong acknowledgment of the capital market’s confidence in the credit strength of the bank,” PNB said.

    Last year, PNB increased its net income by 5 percent to P5.5 billion.

    Incorporated in 1916, PNB is engaged in commercial banking with a total of 657 bank branches and 878 automated teller machines nationwide as of end-December last year.

    The bank has an extensive international footprint in 18 different locations across Asia, Europe, the Middle East, and North America. It has 77 overseas branches and offices.


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