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Philippine National Bank to raise 3B pesos in LTNCDs issue

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Philippine National Bank to raise 3B pesos in LTNCDs issue

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 LTNCDs will have a maturity of five and a half years and will bear indicative annual interest rate between 3.75% to 3.85%, the bank said Dec. 12.

The offering is part of the bank's plan to raise 20 billion pesos through the issuance of LTNCDs.

The Hongkong and Shanghai Banking Corp. Ltd. and ING Bank NV Manila branch are the joint lead arrangers and book runners, and are also the selling agents, together with Philippine National Bank and Multinational Investment Bancorp. PNB Capital and Investment Corp. is acting as financial adviser for the offering.

As of Dec. 12, US$1 was equivalent to 50.38 Philippine pesos.