PNB lists Php4.6 billion LTNCDs
11 October 2019, Makati City – Philippine National Bank (PSE: PNB) listed today Php4.6 billion in Long-Term Negotiable Certificates of Deposit (LTNCD) at the Philippine Dealing & Exchange Corp. (PDEx) – the second tranche from its Php20 billion approved program. The listed amount is equivalent to an oversubscription of almost 2.3x the announced issue size of Php2.0 billion.
“This second tranche puts our total LTNCD issuance for the year to Php12.82 billion. It brings the aggregate new PDEx listings for the year to Php26.70 billion” said PNB President and CEO Wick A. Veloso. “We thank the investors for supporting PNB and its strategy focused on Safe, Aggressive Growth.”
The Lucio Tan-led bank has been very active in offering investment opportunities to clients. Aside from business expansion, the LTNCD issuances support the bank’s efforts to diversify its funding sources to meet the financial needs of clients.
HSBC is the sole arranger and bookrunner of the transaction, and is likewise a selling agent alongside PNB, First Metro Investment Corporation and Multinational Investment Bancorporation.