PNB Returns to the PDEx Organized Secondary MarketPosted on: December 6, 2016
06 December 2016, Makati Philippines – Philippine National Bank (PNB), the country’s fourth largest private commercial bank in terms of assets and deposits, returned to the PDEx market a second time to list its PhP 5.38 Billion Long Term Negotiable Certificates of Time Deposit (LTNCTD) Due 2022, following its PhP 7 Billion worth of LTNCTD listed two years ago.
PNB has consistently maintained a notable presence in the fixed income markets and has distinguished itself as being among the Top Five Brokering Participants in terms of volume of transactions through the years 2012 to 2014, and placed among the Top Five Corporate Issue Managers in 2015.
PDS Group President and CEO Cesar B. Crisol said: “With this listing, PNB now has a cumulative level of PhP 12.38 Billion worth of LTNCTDs listed on the PDEx platform. And despite the slow start over the first half of 2016, this listing, the thirteenth for this year, now brings the total of new listings to PHP 109.66 Billion and surpassing the level of new listings for 2015. And with two more issuances in this month, corporate bond listings remain the bright spot for an otherwise tough year for fixed income markets.”
This thirteenth listing for the year brought the total level of tradable corporate debt instruments to PhP 620.12 Billion issued by 39 companies, comprised of 111 securities.
PNB President Reynaldo A. Maclang remarked: “The issue was met with confidence by the investing public resulting to a total issue size of PhP 5.38 B compared to the initial offering size of PhP 3.0 B. We were able to close the books with commitments from both retail and institutional accounts to subscribe and purchase at an interest rate of 3.25% per annum with a tenor of 5.5 years. I would like to highlight the support given by our PNB branches in selling to their clients and making this issuance a success.”
The event was held at the PDS Group Assembly Hall and was graced by PNB Directors and Officers including President and CEO Reynaldo A. Maclang, Executive Vice President and Treasury Group Head Horacio E. Cebrero III, Executive Vice President and Chief Financial Officer Nelson C. Reyes, Executive Vice President and Retail Banking Group Head Bernardo H. Tocmo, and Senior Vice President and Chief Marketing Officer Norman Martin C. Reyes.
The issue participants who attended the listing ceremony were ING Bank N.V., Manila Branch Country Manager Consuelo D. Garcia, The Hongkong and Shanghai Banking Corporation Limited Treasurer and Global Markets Head Roberto Baltazar, Multinational Investment Bancorporation President Marilou Cristobal, First Metro Investment Corporation Senior Vice President Christopher Ma. Carmelo Salazar and SyCip Law Partner Atty. Philbert Varona. #