PNB raises P15.7 B from dual tranche sustainability bond offer

Lucio Tan-owned Philippine National Bank has returned to the onshore bond market for the first time since 2019, raising P15.7 billion from a dual tranche ASEAN sustainability bond issuance that drew heavy demand from both institutional and retail investors.

- By KEISHA TA-ASAN

In a statement, the bank said the offer was more than 5.2 times oversubscribed compared to its initial target size of P3 billion, underscoring “the strong support from institutional and retail investors.”

The issuance was conducted under PNB’s P50billion bond and commercial paper program. Of the total raised, P10.88 billion came from the fixed rate Series A ASEAN sustainability bonds due 2028, which were priced at 5.4877 percent per annum.