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Philippine National Bank to issue 3B pesos of LTNCDs

Philippine National Bank will issue 3 billion Philippine pesos of long-term negotiable certificates of time deposits, or LTNCDs, with an option to upsize.

The certificates will be issued Oct. 26, the lender said in an Oct. 11 release. They will carry an indicative annual interest rate of between 3.75% to 3.875% and are due April 26, 2023. The final rate will be determined during the offer period from Oct. 11 to Oct. 19.

This is part of the bank's plan to issue up to 20 billion pesos of LTNCDs.

The Hongkong and Shanghai Banking Corp. Ltd. and ING Bank NV, Manila Branch, are the joint lead arrangers and book runners for the offering. The selling agents are PNB, HSBC, ING and Multinational Investment Bancorporation, and the financial adviser is PNB Capital and Investment Corp.

As of Oct. 10, US$1 was equivalent to 51.43 Philippine pesos.