PNB raises P6.35-B long-term fund

SHARE
PNB's logo, from PSE website.

MANILA – The Philippine National Bank (PNB) was able to raise P6.35 billion from the issuance of its 5.5-year Long-Term Negotiable Certificates of Time Deposit (LTNCTD), proceeds of which will be used to boost its business.

During the listing of the LTNCTD with the Philippine Dealing System (PDS) Group Thursday, PNB EVP Nelson Reyes said the issuance “enabled the bank to raise long-term and cost-effective funding as and when needed.”

He also considers the issuance as a “suitable investment requirement.”

“PNB is determined to continue sustained path to stronger sustainable growth (by) taking advantage of available market opportunities with our expanding economy while addressing financial needs of our customer base,” he added.

Interest rate of the LTNCTD due 2023 was set at 3.875 percent to be paid quarterly, although the bank may fully redeem the issuance before its maturity.

PNB tapped HSBC and ING Bank N.V. Manila as joint lead arrangers and selling agents for the issuance while PNB and Multinational Investment Bancorporation were tasked as other selling agents.

Since the start of the year, new securities listed with the PDS totaled to P163.48 billion while total outstanding listed securities amount to PHP756.37 billion.

Total outstanding corporate issues reached 125 securities issued by 44 companies. (PNA)