PNB to issue new series of LTNCDs

Philippine National Bank is offering a second tranche of Long-Term Negotiable Certificates of Time Deposits (LTNCDs) due October 2022. This offering is under the authority to issue up to Php 20.0 billion of LTNCDs granted by the Monetary Board of the Bangko Sentral ng Plipinas in October 2016. In December 2016, PNB had issued the first tranche of LTNCDs amounting to Php 5.38 billion with an interest rate of 3.25% and a tenor of 5.5 years.

LTNCDs are time deposits that have a maturity of at least five years. The LTNCDs shall be insured with the Philippine Deposit Insurance Corporation (PDIC) for up to the maximum insurance coverage and subject to PDIC’s applicable rules and regulations. Upon issuance, the LTNCDs will be listed for trading through the facilities of the Philippine Dealing and Exchange Corporation. The salient features of PNB’s Tranche 2 LTNCD offering are as follows:

Issue Size Php 3.0 billion, with option to upsize
Indicative Interest Rate Area of 3. 75% per annum, with final rate to be determined during the offer period
Interest Payment Quarterly
Offer Period1 April 6 to April 20, 2017
Issue Date1 April 27, 2017
Maturity October 27, 2022
Denomination Minimum of Php 500,000 and in increments of Php 50,000 thereafter

1 PNB and the Joint Lead Arrangers reserve the right to adjust the Offer Period and Issue Date

The Hongkong and Shanghai Banking Corporation Limited and ING Bank N.V., Manila Branch are the Joint Lead Arrangers and Bookrunners for the issuance. The Selling Agents for the offering are PNB, HSBC, ING, and Multinational Investment Bancorporation.

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