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Philippine National Bank to issue 3B pesos of LTNCDs

Philippine National Bank plans to issue 3 billion pesos of long-term negotiable certificates of time deposit, with an option to upsize.

The bank said April 7 that the LTNCDs are expected to be priced with an interest rate of about 3.75% per year and will mature on Oct. 27, 2022. The final rate will be determined during the offer period from April 6 to April 20.

The LTNCDs will be issued on April 27. The offering is part of the bank's plan to issue up to 20 billion pesos of LTNCDs.

Hongkong & Shanghai Banking Corp. Ltd. and ING Bank NV, Manila branch are the joint lead arrangers and book runners for the issuance. The selling agents for the offering are Philippine National Bank, HSBC, ING and Multinational Investment Bancorporation.

As of April 7, US$1 was equivalent to 49.76 Philippine pesos.