PNB looks to raise at least P3B from dual-tenor bond offering

PHILIPPINE NATIONAL Bank (PNB) targets to raise at least P3 billion from an offering of dual-tenor sustainability bonds.

- A.M.C. Sy

The bank will launch an offering of three-year and five-year fixed-rate sustainability bonds on Nov. 26 with an option to upsize, it said in a disclosure to the stock exchange on Wednesday.

The public offer period is set to run until Dec. 2, with the bonds scheduled to be issued and listed on the Philippine Dealing and Exchange Corp. on Dee. 11, subject to final management determination, market conditions, and other factors.

The offer will mark the first issuance under PNB’s P50-billion bond and commercial paper program approved earlier this year.