PNB redeeming P5-B notes


Posted at Jul 01 2011 02:48 PM | Updated as of Jul 01 2011 10:48 PM

MANILA, Philippines - Philippine National Bank (PNB) is redeeming P5.5 billion worth of unsecured subordinated notes issued in 2006.

In a disclosure to the stock exchange, PNB said it will exercise its call option on the notes and will pay holders the face value, plus accrued interest.

The call option scheduled on August 11 is still subject to the approval of the Monetary Board.