Philippine National Bank President Wick Veloso (right) and economist Jun Trinidad (left)
MANILA, Philippines — Tycoon Lucio Tan-led Philippine National Bank has raised its lending capability with proceeds from a P13.87-billion local bond debut and a $250-million syndicated loan facility.
PNB listed on the Philippine Dealing and Exchange Corp. on Wednesday its maiden fixed rate peso bonds after a well-received offering.
The bonds 2021 were priced to yield 6.25 percent per annum. The offering was oversubscribed by three times the base size of P5 billion.
PNB president Wick Veloso said the high demand for the initial issue was a testament to investors’ strong confidence in PNB and the country’s economic stability.
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“Over the past century, PNB has been very active in offering investment opportunities to customers. Aside from business expansion, the bond issuance is part of our efforts to diversify our funding sources to meet the financial needs of our growing customer base,” he said.
“We look forward to tapping the capital markets in a variety of formats, as we come up with new products to offer to our investors, and embark on a safe aggressive growth,” he also said.
