Philippine National Bank Lists Php 7 Billion LTNCDs
The Philippine National Bank (PNB) successfully raised Php 7 billion through a public offering of Philippine Peso denominated Long Term Negotiable Certificates of Time Deposits (LTNCDs) last December 12, 2014. The milestone was celebrated with a bell ringing ceremony at the Philippine Dealing Exchange (PDEx). With an oversubscribed booking, the 5.5 year deposit was priced at 4.125%.
“This is the first time PNB will list a peso-dominated LTNCD in the Philippine Dealing Exchange and we are looking forward to more issuances by the Bank in the financial markets. This fundraising activity will also allow us to support our asset growth and make us even more competitive in the banking industry,” shares PNB Executive Vice President and Head of Treasury Group Horacio E. Cebrero III. “The privilege of having the LTNCDs listed in PDEx will also give the investing public a trading platform that may lead to an increase in the liquidity of the instrument and strengthen transparency in pricing through its price discovery trading process,” he adds.
PNB has hired Hongkong and Shanghai Banking Corporation Limited as sole lead arranger and First Metro Investment Corporation and Multinational Investment Bancorporation as selling agents.
PNB is the country’s fourth largest private commercial bank in terms of assets and deposits. PNB continues to expand its operations and develop tailor-fit solutions through its 656 domestic branches. In addition, among Philippine banks, PNB boasts of having the most extensive international footprint across Asia, Europe, Middle East, and North America with 77 overseas branches and offices.