PNB to issue $750 million fixed-rate notes

ABS-CBN News

Posted at Jun 23 2019 08:06 AM

MANILA- The Philippine National Bank (PNB) said Sunday it will issue $750 million fixed-rate senior notes to support its loan growth plan.

The Lucio Tan-led bank said Sunday the offering would come from its recently increased $2-billion medium-term note program.

The notes will be rated Baa2 by Moody’s, or two notches above investment grade.

“The funds we are raising now are going to be used to help fund our growth trajectory," PNB president Wick Veloso said.

PNB said the notes were oversubscribed with an order book of over $3.25 billion.

The notes, which will be issued on June 27, were priced at 99.47 percent and will carry a yield of 3.39 percent and a coupon of 3.28 percent.

The bond matures on Sept. 27, 2024.