Land Bank of the Philippines Joins the PDEx Community of Listed CorporationsPosted on: October 9, 2015
09 October 2015, Makati City, Philippines– The Land Bank of the Philippines (LBP) joined the Philippine Dealing and Exchange Corp. (PDEx) community of listed corporations, with its maiden listing of PhP 6.0 Billion Long-Term Negotiable Certificates of Time Deposit Due 2021 in the PDEx platform. This marks the first listing of a government-owned universal bank.
The LBP LTNCTDs were pegged at the final rate of 3.75% per annum. The net proceeds of the LTNCDs will be used to access long-term funding to finance lending activities to Land Bank’s mandated priority sectors, to support expansion plans, and for other general corporate purposes of the Bank.
As the largest government bank, Land Bank has not only ranked consistently among the top five commercial banks in the Philippines, but more importantly demonstrated a strong commitment to delivering responsive financial and support services to its partners, clients, and stakeholders, while promoting sustainable development and environmental protection.
In his welcome remarks, PDS Group President & CEO Cesar B. Crisol said: “The PDS Group is delighted that through this listing, Land Bank has expressed its confidence in the domestic capital markets as a stable and reliable medium for its long term funding requirements.”
“Especially so, that against the slew of headlines about the blurry state of the global business environment, we happily note that the Philippine economy as a whole continues to be resilient despite adverse global trends and external shocks,” Mr. Crisol added.
This ninth listing for 2015 brings the year-to-date total of new listings to PhP 83.39 Billion and the total level of tradable corporate debt instruments to PhP 522.78 Billion, with PhP 56.37 Billion from the banking sector.
LBP President and CEO Gila E. Pico remarked: “Today’s listing ceremony is the first for Land Bank. While it is our third LTNCTD issuance, this is the first to be listed. We are pleased with the public support for this issuance which attracted strong order book of PhP 6.0 Billion and was pressed at the lowest end of the pricing guidance at 3.75%. This listing is also in line with Land Bank’s objective of encouraging Filipinos to invest and participate in the local capital market. We hope that more opportunities like this will be available in the future so that we can help the Filipinos improve their income and also be self-sustainable.”
Land Bank Directors and Management Team attended the event, including Director Tomas T. de Leon, Jr. and Executive Vice President and Head of Treasury Rabboni Francis B. Arjonillo. Also present were representatives from the underwriters: The Hongkong and Shanghai Banking Corporation Limited Treasurer and Head of Global Markets Dondi D. Baltazar and Multinational Investment Bancorporation President Marilou C. Crisotbal. #