Philippine National Bank Lists PhP 3.765 Billion LTNCTD in PDExPosted on: April 27, 2017
27 April 2017, Makati Philippines – Philippine National Bank (PNB) returned to the PDEx organized secondary market to list a new tranche of PhP 3.765 Billion Long-Term Negotiable Certificates of Time Deposit (LTNCTD) Due October 2022.
Following its issuance last December 2016, this third listing of PNB in the local debt market brings PNB to a cumulative level of PhP 16.15 Billion LTNCTDs outstanding listed on PDEx.
This ninth listing for the year increases the year-to-date total volume of new listings to PhP 66 Billion, up by 230% from the same four-month period last year. The total level of tradable corporate debt instruments in PDEx now stands at PhP 682.70 billion consists of 119 securities issued by 43 companies.
PDS Group President and CEO Cesar B. Crisol said in his welcome remarks: “The regular return for listings of our Issuers is a positive metric because every return listing affirms an Issuer’s confidence in the ability of the capital market to facilitate corporate issuers access to strong investor demand for their securities.”
PNB EVP and Treasury Sector Head Horacio E. Cebrero III remarked: “We will continue to tap the market for the remaining approved LTNCTDs in this year to fund the asset growth of the bank and in line with the term funding with the liability management exercise that we’re doing. We continue to increase the proportion of our long-term funding in our balance sheet as we respond to the various types of long-term lending activities that are demanded in the financial markets.”
The Directors and Officers of PNB who attended the event are EVP and Treasury Sector Head Horacio E. Cebrero III, EVP and Chief Finance Officer Nelson C. Reyes, and EVP and Retail Banking Sector Head Bernardo H. Tocmo.
Representatives from the issue participants who made the listing possible were also present including The Hongkong and Shanghai Banking Corporation Limited SVP and Global Markets Head Dondi Baltazar, ING Bank N.V., Manila Branch Country Manager – Philippines Zondy Garcia, ING Bank Head of Financial Markets – Philippines Johnson Sia, and Multinational Investment Bancorporation President Marilou Cristobal. #