PHILIPPINE National Bank’s (PNB) investment banking arm PNB Capital and Investment Corp. has generated P1 billion in fresh funds from the private placement of perpetual notes for developer P.A. Alvarez and Development Corp.

The issuance was the first domestic offering of such notes by Laguna-based P.A. Properties, one of the largest low- to medium-cost housing developers in key growth areas of Luzon.

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