PNB raises P4.6 billion from LTNCD issue
MANILA, Philippines — Philippine National Bank raised P4.6 billion as it tapped the onshore debt market anew via the issuance of long-term negotiable certificates of deposits (LTNCDs).
PNB president and chief executive officer Jose Arnulfo “Wick” Veloso said the latest fund raising activity was 2.3 times oversubscribed from the issue size of P2 billion.
“We thank the investors for supporting PNB and its strategy focused on safe, aggressive growth,” he said.
HSBC acted as the sole arranger and book runner of the transaction, while PNB, First Metro Investment Corp. and Multinational Investment Bancorporation served as selling agents.
PNB has been very active in offering investment opportunities to clients.
Veloso said the recent fund raising activity is the second tranche of its P20-billion LTNCD program. Of the total amount, the bank has raised P12.82 billion after issuing P8.22 billion worth of 5.5-year LTNCD last February.
The bank has also raised P13.87 billion via the maiden offering of fixed-rate peso-denominated bonds last June as part of its P100-billion bond program.
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