PNB raises $300 million from sale of 5-yr bonds

Louise Maureen Simeon – The Philippine Star
I show You how To Make Huge Profits In A Short Time With Cryptos!

October 18, 2024 | 12:00am

MANILA, Philippines —   The Philippine National Bank (PNB) managed to secure $300 million from the international debt market via a five-year bond that would finance its sustainable initiatives.

In a disclosure to the local bourse, PNB said it raised $300 million in its return to the international bond market after five years. This is part of the bank’s $2-billion euro medium-term note program.

The five-year bond fetched a fixed coupon rate of 4.85 percent with the final order book reaching $1.1 billion, oversubscribing the offering by 3.6 times.

PNB last raised $750 million from the offshore debt market in June 2019 via the issuance of fixed rate senior notes.

PNB chief financial officer Francis Albalate said it was ideal for the bank to return to the bond market given the reduction in interest rates complemented by its improved core banking activities.

“We have already enhanced our banking operations and processes to support continuous growth as we expect our business to further strengthen in the future,” Albalate said.

Proceeds of the bond offering will fund PNB’s sustainable financing initiatives as it moves to solidify its position among the forerunners of nationwide development across the Philippine banking system.

Nearly 90 percent of the investors were from Asia-Pacific and the remaining were from Europe, the Middle East and Africa.

PNB’s five-year bond secured an investment grade rating of Baa3 from Moodys.

Be the first to comment

Leave a Reply

Your email address will not be published.


*